For me the highlight is, Onslow's 1H25 FOB Cost actual ($/wmt): 77 vs. FY25 Guidance: 58-68
How does this stack up against the claim that "Onslow will transform MinRes to a low-cost iron producer"? How 77 per ton is low cost: I understand that ramp-up reduces the cost, but we are over 20% above the mid-point of guidance (for 2025). If we stay 20% over the cost guidance for nameplate, I struggle to see how this is a low-cost producer. And we have been here before with missing Lithium cost guidance for a few quarters at the market's pick. I wonder why PLS can meet its guidance and does not face similar issues consistently: maybe they do not overpromise and have better governance.
This report is truly terrible as it casts doubt on the light at the end of the tunnel. There is 5B of debt and if Onslow does not meet the cost (and production) guidance (as was the case for Lithium), we may end up writing this off.
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