MinRes outlines governance overhaul and growth strategy at AGM

At its 2025 Annual General Meeting, Mineral Resources Limited announced the successful passing of all resolutions, including the election of new directors and the adoption of the remuneration report. Malcolm Bundey, in his first address as chair, detailed a robust governance uplift, strategic operational focus, and balance sheet strengthening. Key appointments to the board included four independent non-executive directors and senior governance roles.

The company achieved significant operational milestones, including the full delivery of Onslow Iron, reaching its 35Mtpa nameplate capacity in August 2025, triggering a $200 million contingent payment from Morgan Stanley Infrastructure Partners. This project is central to MinRes's strategy to transition to low-cost, long-life assets and strengthen its balance sheet, with leverage expected to reduce towards a 2x net leverage target by the end of FY26.

MinRes also highlighted a disciplined financial framework, increasing its minimum liquidity buffer to $1 billion (with at least $400 million in cash) and refining its dividend policy to be contingent on meeting liquidity and leverage thresholds. The company is actively pursuing inorganic deleveraging, with a new lithium partnership with POSCO Holdings expected to generate A$1.2 billion in proceeds, further strengthening the balance sheet.