Mineral Resources (ASX: MIN) is looking to expand beyond Australia and diversify into copper after posting a record profit thanks to buoyant iron ore and lithium prices.
All the Perth-based miner’s assets are currently in Western Australia, but its next stage of growth is focused on acquiring at least one copper project and providing mining services internationally, chief executive officer Chris Ellison said in a full-year results call with investors Thursday.
“We’ve got a couple of them on the horizon we’re looking at,” Ellison said, referring to copper mine deals. “There’s a fair bit of competition out there in the market. We really don’t want to grow too much more in lithium or iron ore.”
The CEO said he hoped to make progress on a deal in the next 12 months.
The strategy mirrors a broader push among miners to expand into copper — a key metal for electrification, decarbonization and artificial intelligence infrastructure — as prices trade near a record high on booming demand and stalling supply.
MinRes posted a profit of A$1.2 billion ($862 million) for the 12 months to June 30, rebounding from a loss of A$896 million the year before when lithium prices were low and operational issues impacted its Onslow iron ore project.
Iron ore contributed A$1 billion of its $6.5 billion in revenue, lithium A$771 million, and mining services supplied to other companies A$976 million. The total was up 44% year on year.
The result was a significant turnaround for the company that two years ago was plagued by governance concerns.
Ellison did not indicate Thursday when he planned to step away from MinRes. In November 2024 he announced he would do so within 18 months, but a successor was never named and the company’s chairman Malcolm Bundey last reviewed the decision in 2025.
