Mineral Resources' (ASX:MIN) Non-Executive Chair Malcolm Bundey said the company did not meet expectations in crucial areas, which negatively impacted its reputation, according to a Thursday filing with the Australian bourse.

The company does not currently need to raise equity, while continuing to reduce its gross debt level, Bundey said.

Managing Director Chris Ellison added that earnings and debt levels were greatly impacted in the last two years.

Despite commissioning challenges and haul road damages, Ellison expects the Onslow Iron project to meet the target of achieving nameplate capacity in the first quarter of next year.

Shares of the company fell 2% in recent Thursday trade.