During a near three-month period from August 1 to October 27, MinsRes recorded 8.75 million tonnes (Mt) of iron ore loaded into their transhippers at the West Australian Port of Ashburton.
This, in turn, fulfilled the contingent payment condition, achieving a 35 Mt per annum run rate over three months.
“Securing the contingent payment is a strong financial outcome that rewards this operational success, and we thank Morgan Stanley Infrastructure Partners for their continued support,” MinRes managing director Chris Ellison said.
MinRes has now received a total of $1.3 billion from investment funds managed by MSIP for a 49 per cent interest in the Onslow Iron Road Trust.
This total includes the initial $1.1 billion payment (announced in September 2024) and an additional $200 million payment received in November 2025.
The trust generates revenue by collecting a life-of-mine, inflation-adjusted tolling fee for each tonne of iron ore loaded at the port from the Onslow Iron project.
“I’m proud of the dedication and expertise that have brought the project to consistent nameplate levels, showcasing the extraordinary capability of our people and the strength of our innovative pit-to-ship supply chain,” Ellison said.
In September, MinRes announced it had safely completed upgrades along the entire 150-kilometre Onslow Iron private haul road. The work involved asphalting the full length, along with upgrades to seal binder and cement stabilisation.
This dedicated road, which connects Ken’s Bore to the Port of Ashburton, is 11 metres wide, 2 metres wider than typical Pilbara heavy-haulage roads.
