Mineral Resources Limited (MIN) Q3 2026 Earnings Call

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WEBVTT 00:00:00.267 -- 00:00:05.353 Good morning, everyone. It's Mark Wilson, CFO in REZ speaking, and joining me today 00:00:05.353 -- 00:00:10.399 is Mel Bundy, Independent Non-Executive Chair, and Chris Chong, 00:00:10.399 -- 00:00:13.162 GM of Investor Relations. 00:00:13.162 -- 00:00:18.226 I'll start this morning with a few opening remarks on the quarter before we move to questions. 00:00:18.248 -- 00:00:21.432 The March quarter delivered more solid progress across the business. 00:00:21.432 -- 00:00:26.035 We navigated our operations through two tropical cyclones. 00:00:26.035 -- 00:00:29.379 Upgraded volume guidance across multiple divisions. 00:00:29.379 -- 00:00:33.425 We strengthened liquidity and reduced our net debt by $400 million. 00:00:33.425 -- 00:00:35.147 After 00:00:35.147 -- 00:00:40.234 quarter end, we also completed a US $1.3 billion notes offering. 00:00:40.234 -- 00:00:45.240 The material materially reduces our cost of debt and pushes out 00:00:45.240 -- 00:00:48.001 our debt maturity profile. 00:00:48.064 -- 00:00:52.690 Strong operating performance, high commodity prices and active balance sheet management 00:00:52.690 -- 00:00:56.208 are together driving faster deleveraging. 00:00:56.208 -- 00:01:01.115 While this improves flexibility, it does not change our disciplined approach to capital 00:01:01.115 -- 00:01:02.557 allocation. 00:01:02.557 -- 00:01:07.844 Our priorities remain balance sheet strength first, then selective high return brownfields 00:01:07.844 -- 00:01:09.687 growth. 00:01:09.687 -- 00:01:14.173 Starting with the balance sheet, liquidity strengthened to $1.8 billion at 31 March, 00:01:14.173 -- 00:01:17.658 up from $1.4 billion at 31 December. 00:01:17.658 -- 00:01:23.026 That comprised just under $1 billion in cash and a ...