Australian miner Mineral Resources raised its annual production forecast on Thursday and said costs for its Onslow iron ore project were expected to trend towards the lower end of estimates, sending shares to a near two-year peak.
The miner raised its fiscal 2026 forecast for iron ore production volumes from Onslow to 17.7-19.4 million metric tons (Mt) from 17.1-18.8 Mt estimated previously.
It also upgraded the production volume forecast for its mining services segment to 320-330 Mt from 305-325 Mt.
MinRes said it had not experienced any interruption to fuel supplies or its operations as a result of the conflict in the Middle East, adding that it continued to work with its partners to monitor the situation.
MinRes reported a 14% sequential drop in its third-quarter total iron ore shipments, hurt by the impact of tropical cyclones Mitchell and Narelle in Australia earlier this year.
MinRes shares rose as much as 9.6% to A$67.8 in early trade, hitting their highest level since June 11, 2024, and making them the top gainers on the benchmark ASX 200 index.
The stock was headed for its largest one-day jump since mid-November 2025.
(By Nikita Maria Jino; Editing by Subhranshu Sahu)
