Now an $8bn company, Mineral Resources (MIN) was established in July 2006 and listed on the ASX the same year. MIN operates two iron ore hubs: Utah Point Hub in Port Hedland and Yilgarn Hub in Esperance. Mines are operated at Iron Valley, Koolyanobbing and Kumina. MIN is involved in bulk ore transport in the Pilbara. Minerals Resources operates two hard rock lithium mines in Western Australia; Mount Marion in the Goldfields, and Wodgina in the Pilbara.
“Strong iron ore prices and renewed interest in lithium saw MIN’s share price perform very strongly in the first half of this year,” Michael said.
“However, the recent pullback in the iron ore price has seen the share price fall back quite a bit over the past few months.
“It is one I’d been watching closely for a new buying opportunity because a stabilisation in iron ore prices could set it up to rally again.
“Share prices at $38 and $40 were major support levels for MIN.
“In the last few weeks, we’ve seen MIN break under $40, flatten out, and then launch back above $40 again with good volume coming back in.
“This bodes well for MIN and gives us confidence that a low is now in place.
“It is one that I have been buying for my clients in the last couple of weeks.
“Current levels are still a buying opportunity and we should see MIN trend higher again from here,” Michael said.
Mineral Resources Limited (MIN)
Source: ASX
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