The Mineral Resources Ltd (ASX: MIN) share price is a long way off its all-time high of $88.94 recorded in early 2023.

In fact, Mineral Resources shares are currently changing hands for $25.52, down 71% from their 2023 high.

Mineral Resources is a diversified resources company with operations in lithium, iron ore, energy, and mining services.

The company has suffered amid falling iron ore and lithium prices over the past year.

And a series of leadership issues centring around Mineral Resources founder and CEO Chris Ellison has added to the company's woes.

But there are promising signs that better times may lie ahead for Mineral Resources and its shareholders.

Let's look at three key reasons why Mineral Resources may be well-positioned for a turnaround.

Onslow Iron back on track

Mineral Resources' Onslow Iron project was set to become one of the biggest iron ore producers in the country.

Mineral Resources stated the project would ramp up to 35 million tonnes (mt) per year, with a projected mine life of more than 30 years.

In May 2024, Mineral Resources' Onslow project looked on track, as the company announced that the first ore on ship was achieved ahead of schedule.

Then the company's ambitious plans appeared to unravel.

The dedicated 150-kilometre road connecting Mineral Resources' mine to the Port of Ashburton was plagued by a series of issues.

Multiple truck rollovers on the road led to its closure by government authorities, casting doubt on plans to ship the 35 million tonnes of ore per year.

The company's share price suffered, and so did its bank balance, with the road's repair bill coming in at around $230 million.

Now, things are looking like they are back on track with the Onslow Project.

Mineral Resources looks set to achieve its revised guidance of between 13.8mt and 14.1mt for FY25.

The company loaded 14mt onto ships by July 1, according to The West Australian newspaper. Mineral Resources is due to release its figures later this month.

With the haul road now operational and guidance set to be met, Mineral Resources has addressed some key issues.

And, with sealing works on the road expected to be soon completed, Mineral Resources' long-term goals appear more achievable.

Lithium rebound     

Mineral Resources has suffered alongside Australia's lithium producers as oversupply issues have pushed the price of lithium lower.

Now, following the Fastmarkets Lithium Supply and Battery Raw Materials Conference 2025, there is renewed talk of a lithium price rebound.

And, according to the Department of Industry, Science and Resources, "rapid global lithium demand growth" is projected through to 2027.

The Department's latest Resources and Energy Quarterly report states that the "strong demand" will be fuelled by continued growth in electric vehicle and battery energy storage system uptake.

While that may be good news for Mineral Resources' lithium arm, unknowns concerning oversupply issues temper enthusiasm.

Leadership issues

While Mineral Resources' ongoing leadership issues continue to hinder the company's prospects, it appears that steps are being taken to resolve this problem.

A lot rests on a sound resolution to the leadership challenges that the company faces.

Without a capable and stable leadership team, it is difficult for any company to succeed or regain investor confidence.

Mineral Resources is at a crossroads.

A series of key appointments has helped to restore some credibility.

If the company can address its issues head-on, particularly its leadership challenges, investors could enjoy the fruits of a turnaround.