Mineral Resources Ltd (ASX:MIN) saw its stock price soar 5.01% in intraday trading, following positive developments at its Onslow Iron project. The company announced the resumption of haulage operations on the Onslow Iron haul road, which had been temporarily paused due to safety concerns.
The resumption of haulage operations came after constructive discussions with WorkSafe WA regarding controls and risk mitigation. This move alleviates concerns over potential disruptions to Mineral Resources' iron ore shipments, which had put pressure on the company already managing a substantial gross debt of $5.8 billion. The company also reaffirmed its fiscal 2025 volume guidance for Onslow Iron, further boosting investor confidence.
Adding to the positive sentiment, Mineral Resources revealed that its fourth transhipper, MinRes Rosily, commenced operations at the Port of Ashburton on March 22. This development increases the Onslow Iron project's transhipping capacity to 28 million tonnes per annum, potentially enhancing the company's operational efficiency and output. These factors combined have likely contributed to the significant uptick in Mineral Resources' stock price, as investors respond favorably to the improved outlook for the company's iron ore operations.
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