The Mineral Resources Ltd (ASX: MIN) share price continues to trend higher, adding another 4.21% today to $59.57.
The company has operations in both iron ore and lithium mining, as well as a mining services division offering services including processing, crushing and logistics.
What’s driving the Mineral Resources share price?
The Mineral Resources share price is enjoying the best of both worlds with iron ore and lithium peers rallying strongly on Monday.
According to Mineral Resources, the company is Australia’s 5th largest iron ore producer, with aspirations to more than triple its iron ore production in the next five years from 20 million tonnes per annum (Mtpa) to 90Mtpa.
Iron ore prices have continued to defy expectations, currently trading around US$215/tonne. On the back of sky-high prices, Mineral Resources is wasting no time capitalising with its production plans.
The company also operates two high-profile lithium joint ventures, one with Chinese lithium giant Ganfeng and the other with US-based Albemarle.
Pleasingly, ASX lithium heavyweights, Galaxy Resources Limited (ASX: GXY), Pilbara Minerals Ltd (ASX: PLS) and Orocobre Limited (ASX: ORE) also have delivered a strong showing today, up 2.94%, 2.35% and 2.5% respectively.
To capitalise on surging lithium prices, an upgrade project is currently underway with its Ganfeng joint venture, aiming to expand Mt Marion’s production from 206,000 tonnes of spodumene concentrate per annum to 450,000 tonnes pa.
More broadly speaking, resources is the best performing sector on Monday, with the S&P/ASX Materials (INDEXASX: XMJ) up 2.22%.
Mineral Resources share price snapshot
The Mineral Resources share price set a new all-time record high of $59.68 this afternoon.
The company’s shares have been a standout performer, running 59% year-to-date and 162% in the last 12 months.
Mineral Resources has a market capitalisation of about $11.2 billion. The figure pales in comparison to iron ore giants such as Fortescue, which has a market capitalisation of about $75.9 billion.