Mineral Resources Limited (MIN) Q3 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. It's Mark Wilson, CFO in REZ speaking, and joining me today is Mel Bundy, Independent Non-Executive Chair, and Chris Chong, GM of Investor Relations. I'll start this morning with a few opening remarks on the quarter before we move to questions. The March quarter delivered more solid progress across the business. We navigated our operations through two tropical cyclones. Upgraded volume guidance across multiple divisions. We strengthened liquidity and reduced our net debt by $400 million. After quarter end, we also completed a US $1.3 billion notes offering. The material materially reduces our cost of debt and pushes out our debt maturity profile. Strong operating performance, high commodity prices and active balance sheet management are together driving faster deleveraging. While this improves flexibility, it does not change our disciplined approach to capital allocation. Our priorities remain balance sheet strength first, then selective high return brownfields growth. Starting with the balance sheet, liquidity strengthened to $1.8 billion at 31 March, up from $1.4 billion at 31 December. That comprised just under $1 billion in cash and a fully undrawn $800 million revolving credit facility. Net debt reduced to approximately $4.5 billion from $4.9 at the end of December, continuing our positive deleveraging trend. This quarter, our net debt number included $101 million positive foreign exchange revaluation on our unsecured bonds. We also continued to reduce legacy balance sheet items with the Onslow carry loan, reducing to $459 million from $553 million, and the iron ore prepayment amortizing to $440 million from $500 million. Post-quarter end, we issued U.S. $1.3 billion of new senior unsecured notes across two tranches, U.S. $650 million at ...