This ASX 200 share has made new record highs every week for the past 8 weeks

The Mineral Resources share price might deserve a gold medal after this record setting performance.

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A young man pointing up looking amazed, indicating a surging share price movement for an ASX company

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It’s not often you see an ASX 200 share with an almost vertical price chart.

This has been the fortunate case for Mineral Resources Limited (ASX: MIN).

On a weekly chart, the Mineral Resources share price has set a new record high every week, for the past 8 weeks since 7 June.

The company’s shares have rallied an astonishing ~350% from March 2020 lows, with very few pullbacks in between.

Why Mineral Resources is a top performing ASX 200 share

Leveraging Australia’s surging commodity exports

During the February reporting season, Mineral Resources reported that its mining services segment experienced a 28% increase in revenue to $784 million (or 51% of overall revenue).

This growth was primarily driven by continued growth in high-profile mining hubs such as Yilgarn and Utah, where many ASX 200 shares such as BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) operate.

As part of Mineral Resources’ 5 year plan, the company is targeting “significant growth” for its mining services, with the expectation that this segment “more than [doubles]”.

Mineral Resources share price riding the sky high iron ore prices

According to Mineral Resources, the company is Australia’s 5th largest iron ore producer, tailing behind ASX 200 shares BHP, Fortescue and Rio Tinto Limited (ASX: RIO)

In the company’s third quarter update, it cited iron ore shipments totalling 4.1 million wet metric tonnes (wmt), consistent with Q2 FY21 output and up over 51% on the prior corresponding period (pcp).

In addition, total iron ore production during the third quarter was 4.9 million wmt up 44% on pcp.

Mineral Resources has an aspirational goal to increase its iron ore production from 20 million tonnes per annum to 90 mtpa over the next five years.

Did I mention lithium?

The lithium sector is surging with ASX 200 shares such as Pilbara Minerals Ltd (ASX: PLS), Galaxy Resources Limited (ASX: GXY) and Orocobre Limited (ASX: ORE) delivering near triple digit year-to-date returns.

The Mineral Resources share price could also be benefiting from the hype around the lithium sector and renewables industry.

According to the company’s website, its two hard rock lithium mines in Western Australia make it “one of the world’s largest owners of hard rock lithium units”.

Should you invest $1,000 in Mineral Resources right now?

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Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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