MinRes sells Yilgarn iron-ore mine

ASX-listed Mineral Resources (MinRes) has finalised the sale of its iron-ore operations in Western Australia’s Yilgarn region, marking the end of its 14-year involvement in the nearly 80-year-old mining hub.

The buyer, Yilgarn Iron Investments (YII), has acquired the full suite of assets and approvals linked to the Yilgarn Hub, including all shares in Yilgarn Iron, tenements, land holdings, licences and fixed infrastructure.

The sale follows MinRes’ decision to wind down operations in the region, with exports from the Yilgarn Hub ceasing at the end of 2024. The company redeployed about 800 workers to other roles across its operations during the transition.

While the value of the transaction has not been disclosed, MinRes said the terms were commercially confidential and not material to the company’s balance sheet. The company emphasised that its priority was selecting a buyer capable of sustaining operations and delivering continued economic benefits to the region.

YII will assume all environmental, closure and rehabilitation obligations tied to the Yilgarn assets. However, MinRes has retained all gold and lithium rights on the tenements, where applicable.

“As we transfer our Yilgarn operations to a new owner, we take great pride in everything the MinRes team has achieved in the region over the past 14 years, and that we were able to save hundreds of jobs at Koolyanobbing that would have otherwise been lost with the departure of Cleveland Cliffs,” said MinRes MD Chris Ellison.

“This transaction ensures these mines will continue to support jobs and the economy for years to come and deliver ongoing benefits to the region and Western Australia.”