The Mineral Resources Ltd (ASX: MIN) share price is up after releasing a pleasing ore reserve update for its Onslow project.
Mineral Resources provides mining services for clients, and it also has a growing iron ore and lithium mining division.
Onslow gets a major ore reserve upgrade
The business provided updated mineral resources and ore reserves statements for the Onslow Iron project as at 31 March 2025.
Onslow is located in the West Pilbara region of Western Australia, which is being developed by the ASX mining share in partnership with the Red Hill Iron Ore joint venture.
Mineral Resources revealed that the Onslow mineral resource has been increased by 89% to 744 million tonnes. In other words, the company has acknowledged there is more iron ore than it last announced in September 2023 (up from 394mt).
It also said that the Onslow ore reserve of 359mt bas been increased by 73% to 359mt.
The ASX mining share said that the mineral resources increase is related to closer spaced drilling, supported by comprehensive remodelling and reclassification of additional deposits.
The company noted that the grades (quality) of the commodity the mineral resources reported on remain consistent with those reported in September 2023.
Mineral Resources said this update confirms Onslow Iron as a long-life, low-cost project that will underpin the next phase of growth for its iron ore and mining services divisions.
Management comments
The Mineral Resources Managing Director Chris Ellison said:
The significant growth in Onslow Iron’s Mineral Resources and Ore Reserves highlights the outstanding quality of this long-life, low-cost project.
These upgraded figures reaffirm the confidence we have always held in Onslow Iron’s potential to operate for decades to come.
Our focus remains on building on this strong foundation, unlocking further potential in the West Pilbara and delivering ongoing value to all stakeholders.
With the production ramp-up accelerating in recent weeks, we are well on track to establish Onslow Iron as one of Australia’s premier iron ore operations.
Final thoughts on the Mineral Resources share price
This ASX mining share has declined more than 28% in 2025 to date. While a recovery is partly dependent on resource prices, I think the company is in a good position to bounce back if it can get Onslow producing reliable earnings and cashflow, which may reduce the attention on the balance sheet.
