Mineral Resources Limited (ASX: MIN) has temporarily paused haulage on the Onslow Iron haul road after receiving a notice from WorkSafe WA. The company is reviewing and enhancing its safety measures following an incident on 17 March 2025, where a road train’s rear trailers tipped over.
Figure 1: Mineral Resources Pauses Onslow Iron Haulage Following Road Train Incident
Details of the Incident
On 17 March 2025, a road train carrying iron ore on the Onslow Iron haul road experienced an accident. The rear two trailers tipped onto their side, while the prime mover and the first trailer remained upright. The operator was not injured, and MinRes has launched an internal investigation to determine the cause of the incident.
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WorkSafe WA’s Notice and MinRes Response
Following the incident, MinRes reported the matter to WorkSafe WA, which issued a notice on 18 March 2025 regarding safety controls and risk-mitigation measures for the company’s road train operations.
In response, MinRes has implemented stronger safety measures and traffic management protocols on the haul road. The company is actively working with WorkSafe WA to ensure compliance with the required safety standards before resuming full-scale haulage operations.
Alternative Haulage Routes in Operation
Despite the temporary halt, MinRes is continuing haulage operations using contractor vehicles on alternative routes. The company’s transhippers remain operational, loading iron ore onto ocean-going vessels to ensure that supply chains remain intact.
MinRes stated that it does not expect the pause to impact its FY25 Onslow Iron volume guidance. The company remains confident in resuming full haulage operations soon after addressing the necessary safety concerns.
Stock Performance and Market Impact
MinRes shares dropped 5.55%, trading at $23.48 as of 2:16 pm AEDT on 19 March 2025. The stock has been under significant pressure, posting a 31.45% decline year-to-date and a 65.58% loss over the past year.
Compared to the broader ASX 200 index, which has fallen 3.76% year-to-date, MinRes has significantly underperformed. The company’s market capitalisation stands at $4.88 billion, with 196.5 million shares on issue.
Sector Performance and Broader Market Trends
The ASX 200 was down 0.10% at 7,852.30 during the latest session. The materials sector, which includes MinRes, remained flat, while health care (+0.49%) and energy (+0.35%) gained. The utilities sector (-1.31%) recorded the biggest decline.
MinRes’ performance has lagged the basic materials sector, which is down onslow 60.34% year-over-year. Investors remain cautious, awaiting further updates on the haulage resumption and broader company performance.
Looking Ahead
MinRes aims to resume normal haul road operations onslow soon, pending approval from WorkSafe WA. The company reassured investors that it remains committed to maintaining high safety standards while minimising operational disruptions.
Market participants will closely watch for further announcements on safety measures, operational adjustments, and potential long-term impacts on the company’s performance.
