Mine / resource · Australia

Wodgina

ProducingVerified 23 Oct 2026As of 24 Oct 2026
Owner
MARBL JV: Mineral Resources / Albemarle
Listed via
MIN.AXALB
Product
Spodumene
Deposit type
Spodumene
Capacity
3 trains; Q1 FY27 sales 90 kt SC6 (50% attrib.); FY27 guidance 360–390 kt SC6 SC6e
≈ 100 kt LCE/yr (nameplate)
Location
-21.19°, 118.67°
Source
Filing used for verification

All three trains running from Q1 FY27 (Jul–Sep 2026); Stage 4 pre-strip starting.

Ownership structure

Effective economic interest of listed owners · As of 24 Oct 2026
Mineral ResourcesMIN.AX50%AlbemarleALB50%WodginaMine / resource

Attributable capacity

Listed ownerStakekt SC/yrkt LCE/yr
Mineral Resources MIN.AX50%≈374≈50
Albemarle ALB50%≈374≈50

Capacity × effective stake. kt SC ≈ kt LCE × 7.5 (grade-based, 90% recovery).

Structure: MARBL JV: Mineral Resources / Albemarle.

Value chain

Owners, buyers and the refineries on Li3atlas they feed · As of 24 Oct 2026
Listed ownersMineral ResourcesMIN.AX · 50%AlbemarleALB · 50%
Mine / resourceWodgina3 trains; Q1 FY27 sales 90 kt SC6 (50% attrib.); FY27 guidance 360–390 kt SC6
Buyers (offtakes)POSCO HoldingsSpodumene concentrate · In proportion to its 30% interest in MinRes' 50% share (indirect 15%)
Their refineries on Li3atlasPOSCO Pilbara Lithium Solution (Gwangyang)Refinery · South Korea

Quarterly production

As of 30 Sept 2026
0255075100125UnverifiedUnverifiedUnverifiedUnverifiedMar Q 2026: 71 kt SC6e71AUD 805Sep Q 2026: 91 kt SC6e91AUD 674Q2 25Q3 25Q4 25Q1 26Q2 26Q3 26Cost/t

kt SC6e, as reported · Source: Mar Q 2026, Sep Q 2026

94$2,450Sales (kt SC6e): 52Mar Q 25Sales (kt SC6e): 61Jun Q 25Sales (kt SC6e): 88Sep Q 25Sales (kt SC6e): 76Dec Q 25Production (kt SC6e): 71Sales (kt SC6e): 62Mar Q 26Production (kt SC6e): 94Jun Q 26Production (kt SC6e): 91Sales (kt SC6e): 90Sep Q 26
Production (kt SC6e)Sales (kt SC6e)Realised price (US$/t) (US$, right axis)Unit cost (≈ US$)
Sep Q 26Jun Q 26Mar Q 26Dec Q 25Sep Q 25Jun Q 25Mar Q 25
Production (kt SC6e)919471————
Sales (kt SC6e)90—6276886152
Implied inventory change (prod − sales)+1—+9————
Unit cost (AUD/t)674 ≈$438—805 ≈$523717 ≈$466733 ≈$476641 ≈$417775 ≈$504
Realised price (US$/t)$1,854$2,450$2,130$1,140$881$674$846
Implied cash margin (US$/t)+$1,416 76%—+$1,607 75%+$674 59%+$405 46%+$257 38%+$342 40%

Production minus sales in the same unit: positive = stockpile built at the mine or port, negative = drawn down. Margin = realised price − unit cost converted at fixed FX. Bases can differ (price often CIF and SC6-equivalent, cost FOB per t of the actual grade, before royalties), so treat it as indicative.

Unit cost

As of 24 Oct 2026
Basis
FOB per dmt SC6 (FY27 guidance A$640–710, midpoint)
Period
FY27 guidance

Cost bridge to US$/t LCE

Reported unit cost
AUD 675/t SC6
In US$ (fixed FX)
× 0.65 = $439/t SC6
× t concentrate per t LCE
× 7.49 (6.0% Li₂O, 90% recovery)
Mine cost per t LCE
$3,288/t LCE
+ Conversion to chemicals (assumption)
$3,500 · China Merchant Toll
+ Royalty (WA 5% of realised price)
$701 (5% × SC6 $1,873/t, latest average realised)
Landed cost
$7,489/t LCE
Cost-curve quartile Q3 of 14 operations with a cost

Reported cash costs exclude the 5% WA royalty; it is modelled separately here. The conversion, freight and royalty settings are shared with the cost curve on the map page (Economics).

Position on the cost curve

Landed US$/t LCE, same assumptions as the cost curve · As of 24 Oct 2026
Hombre Muerto West (HMW): $3,963/t LCEQarhan Salt Lake: $4,292/t LCE (implied)Cauchari-Olaroz: $5,897/t LCEYichun lepidolite belt: $6,012/t LCE (implied)Greenbushes: $6,201/t LCEPilgangoora: $7,330/t LCEMibra: $7,416/t LCEWodgina: $7,489/t LCEWodginaFinniss: $7,913/t LCEZabuye Salt Lake: $8,265/t LCE (implied)Mt Marion: $9,166/t LCEGrota do Cirilo: $9,503/t LCEKathleen Valley: $10,203/t LCENorth American Lithium: $11,166/t LCE$11,1660

$7,489/t LCE · cheaper than about 25% of costed supply

Grey: every producing mine with a cost (width = capacity). Highlighted: this asset. Lighter dashed bars are implied costs (no reported unit cost).

Milestones

As of 24 Oct 2026

Upcoming (2)

  • H2 2026Completion of POSCO Holdings acquisition of 30% of MinRes lithium JV (indirect 15% of Wodgina), 1H FY27Other · source
  • Q4 2026Decision on detailed engineering design for Wodgina expansion (Q2 FY27)Expansion · source

Completed (2)

  • Q3 2026All three processing trains in operation (Q1 FY27)Other · source
  • 12 Nov 2025Binding agreement: POSCO Holdings to acquire 30% of MinRes lithium JV (indirect 15% of Wodgina)Other · source

Offtakes and supply chain

As of 24 Oct 2026

Sells to

  • POSCO HoldingsSpodumene concentrate · In proportion to its 30% interest in MinRes' 50% share (indirect 15%) · Not stated; from completion of the transaction · planned · source→ buyer's refineries on Li3atlas: POSCO Pilbara Lithium Solution (Gwangyang)

Country risk · Australia

Policy risk: Low As of 24 Oct 2026
Royalty
Western Australia: 5% of gross sales revenue on spodumene concentrate, at first point of sale (since 28 Mar 2020)

Stable fiscal regime; royalty set by the state. source

Change history

Approved changes with their source · As of 24 Oct 2026
DateFieldChangeSource
24 Oct 2026Quarterly figuresnew: Mar Q 2026 · production 71 kt SC6e · sales 62 kt SC6e · cost AUD 805 (FOB per dmt SC6)Mineral Resources Quarterly Activity Report - Q3 FY26 (January to March 2026), ASX 30 April 2026
24 Oct 2026Realised pricenew: Spodumene US$1,854/dmt · Sep Q 2026 · SC6, CIFMineral Resources Quarterly Activity Report - Q1 FY27 (July to September 2026), ASX 23 October 2026
24 Oct 2026Milestonenew: H2 2026 · Completion of POSCO Holdings acquisition of 30% of MinRes lithium JV (indirect 15% of Wodgina), 1H FY27 Other ExpectedMineral Resources Quarterly Activity Report - Q1 FY27 (July to September 2026), ASX 23 October 2026
24 Oct 2026Offtakenew: POSCO Holdings · Spodumene concentrate · In proportion to its 30% interest in MinRes' 50% share (indirect 15%) · Not stated; from completion of the transaction PlannedMinRes and POSCO Holdings to form lithium partnership, ASX 12 November 2025
24 Oct 2026Quarterly figuresnew: Jun Q 2025 · sales 61 kt SC6e · cost AUD 641 (FOB per dmt SC6)Mineral Resources Quarterly Activity Report - Q4 FY25 (April to June 2025), ASX 30 July 2025
24 Oct 2026Realised pricenew: Spodumene US$674/dmt · Jun Q 2025 · SC6 equiv. (CIF not stated)Mineral Resources Quarterly Activity Report - Q4 FY25 (April to June 2025), ASX 30 July 2025
24 Oct 2026Realised pricenew: Spodumene US$1,140/dmt · Dec Q 2025 · SC6, CIFMineral Resources Quarterly Activity Report - Q2 FY26 (October to December 2025), ASX 29 January 2026
24 Oct 2026Quarterly figuresnew: Sep Q 2025 · sales 88 kt SC6e · cost AUD 733 (FOB per dmt SC6)Mineral Resources Quarterly Activity Report - Q1 FY26 (July to September 2025), ASX 30 October 2025

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