The Mineral Resources Ltd (ASX: MIN) share price is down after the resources company gave an update.
Mineral Resources describes itself as a leading diversified resources company with extensive operations in lithium mining, iron ore mining, energy and mining services across Western Australia.
Onslow iron ore haulage resumes
Mineral Resources has told the ASX that its haulage operations have resumed for the Onslow iron dedicated haul road on the evening of 21 March 2025.
On 17 March 2025, Mineral Resources reported to WorkSafe WA that the rear two trailers of a road train had tipped onto their side on the haul road. The prime mover and first trailer remained upright and the operator was not injured. The company is investigating the cause of the incident.
The resumption announced today came after “constructive discussions” with WorkSafe WA regarding controls and risk mitigation of the road train operations.
Haulage continued via contractor vehicles using alternative routes. The company said it has strengthened controls and traffic management on the haul road.
The ASX mining share said that the previously announced works program to upgrade the haul road “continues on schedule” for completion in the first quarter of FY26. The road has been impacted by high temperatures, water and load. Significant flooding events have affected the pavement and basecourse in some sections.
It was also announced by Mineral Resources that transhipper four, MinRes Rosily, also commenced operations at the Port of Ashburton on 22 March 2025, increasing Onslow Iron’s transhipping capacity to 28 million tonnes (mt) per year.
The final piece of news from the ASX announcement was that the FY25 Onslow iron volume guidance is maintained.
Final thoughts on the Mineral Resources share price
The business is trading a lot cheaper than it was last year. The share price may be a lot cheaper than the underlying value of its various operations. However, if it needs to do a capital raising to ensure its balance sheet isn’t too indebted, the opportunity to rebound may be smaller.
It’s a high-risk opportunity, but it could produce strong returns if it can recover well. But, there are other ASX shares I’d rather buy first where the risks aren’t as high.
