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Mineral Resources Ltd (ASX:MIN) has provided investors with an update on both resources and reserves for its Onslow Iron Project (OIP) in Western Australia, with the former showing an 89% increase – to 744 million tonnes at 56.3% Fe – compared to 394Mt reported in September 2023.
Of the updated number, the majority – or 508Mt at 56.8% Fe – falls in the measured and indicated category, while 236Mt at 55.2% Fe is inferred.
Min Res also reported a 73% rise in ore reserves for OIP, which are now 359Mt at 57.5%, compared to the 207Mt previously reported.
Managing director Chris Ellison said the numbers reflected the ‘outstanding quality’ of the project, which is defined as both long-life and low-cost.
“These upgraded figures reaffirm the confidence we have always held in Onslow Iron’s potential to operate for decades to come,” he said.
“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.”
MinRes has been trading at $24.56.
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