The Mineral Resources Limited (ASX: MIN) share price has taken a downward turn in the last week.
After hitting an all-time high of $61 last Thursday, Mineral Resources shares closed yesterday's trading session at $58.14. That's a tumble of around 4.5% in the past week.
Let's take a look at how the Mineral Resources share price has performed and what's driving shares down.
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Mineral Resources shares tumble with overall market
Mineral Resources has not released any price-sensitive news over the past week that could explain the decline in its share price.
It may be that the mining services company is feeling the effect of weakness in the overall market.
Since last Thursday, the S&P/ASX200 Index (ASX: XJO) itself has tumbled more than 100 points.
As a result, many shareholders might be prompted to lock in their profits after the outstanding performance of Mineral Resources shares over the past year.
Snapshot of the Mineral Resources share price
Mineral Resources shares have outperformed in the last 12 months.
The company's share price has continued to trend higher over the past year, hitting new high after new high.
Shares in Mineral Resources have surged more than 137% in the last 12 months, and more than 48% since the start of the year.
What's been fuelling recent success?
Mineral Resources is a mining services company that also has a portfolio of mining operations across lithium and iron ore.
The company's business revolves around mining services, commodities, infrastructure and energy. These mining services include contract crushing, recovery of base metals, logistics, and accommodation.
The surging price of spot iron ore has helped fuel the Mineral Resources share price over the past 12 months. At the close of trade yesterday, iron ore was trading at US$219 a tonne.
Mineral Resources claims to be the fifth largest iron ore producer in Australia. The company also has aspirations to triple production to 90 million tonnes per annum over the next five years.
In addition to iron ore, Mineral Resources has two high profile lithium projects which have contributed to the company's prospects.
Based on the current share price, Mineral Resources Limited has a market capitalisation of nearly $11 billion.
