The Mineral Resources Limited (ASX: MIN) share price flew 3.1% higher in early trading to an intraday high of $85.32.
It has since dropped to $83.98, a gain of 1.49% on yesterday's close and is outperforming the S&P/ASX 200 Index (ASX: XJO), which is barely in the green today, up 0.09% at the time of writing.
Mineral Resources shares are having a great week with the highlight being a new 52-week peak.
Let's take a look at what's been happening with the $15 billion diversified miner.
Broker buys despite lofty Mineral Resources share price
According to The Australian, broker Wilsons has added Mineral Resources to its Focus Portfolio. The broker has allocated 3% of its portfolio to the ASX mining share.
The article says that Wilsons considers Mineral Resources to be one of the highest-quality mining companies on the ASX.
It has four business segments — iron ore, energy (gas), lithium, and mining services.
What has really piqued the broker's interest is the lithium segment.
There was speculation earlier this year that Mineral Resources may spin off its lithium business.
Wilsons notes that if this were to occur, it could provide substantial returns because the segment is "markedly undervalued" at the moment.
Mineral Resources has a stake in two of the country's largest hard-rock lithium mines.
Their two mines are Mt Marion mine and Wodgina mine, both in Western Australia.
Mineral Resources holds AGM today
The mining giant held its annual general meeting (AGM) today and delivered an investor presentation.
It noted that it is the world's largest crushing contractor and a global top five lithium producer.
Over the next two years, the company plans to double production at Mt Marion from 450,000 tonnes of lithium spodumene concentrate per annum to 900,000 tonnes.
At Wodgina, it plans to commence Train 3 and approve and construct Train 4.
In the presentation, Mineral Resources said it operates 29% of the world's hard rock lithium supply.
The company noted: "Production-ready hard rock lithium deposits are rare."
Mineral Resources share price snapshot
The mining stock hit a new 52-week high price of $86.35 on Monday as lithium stocks enjoyed a dream run on the back of news that China is relaxing its COVID-19 restrictions.
There was also news that Australia is exploring a lithium mine and processing partnership with Indonesia.
According to reporting by The Australian, the partnership could make the two countries the dominant global supplier of electric vehicle batteries.
As my Fool colleague Sebastian notes, it's been an incredible couple of years for Mineral Resources.
Back in November 2020, the Mineral Resources share price was $27. It has tripled since then.
In recent weeks, the Mineral Resources share price has steadily increased following the release of the company's quarterly activities report on 26 October.
In the report, the company reaffirmed its FY23 guidance.
