Mineral Resources' (ASX:MIN) transition to three-train operations at its Wodgina lithium mine in Western Australia is tracking ahead of expectations, with the company expecting steady stage three clean ore feed from the second quarter of 2027, Jefferies said in a Friday note following a site visit.
The ramp-up to three trains is expected to add roughly 40,000 tonnes per annum of lithium carbonate, equivalent to the fiscal year 2026 baseline, the investment firm said.
"Significant financial and human capital has been deployed [at Wodgina] to optimize the previously underperforming processing circuit, with key upgrades including on-stream analysis, froth monitoring cameras, and enhanced density and process control across the flowsheet," Jefferies said.
Additionally, the company's management is aiming for commodity diversification to boost business resiliency, with Australian and South American copper projects emerging as key priorities, the equity research firm said.
Jefferies maintained its hold rating on Mineral Resources with a price target of AU$65.