The Mineral Resources Limited (ASX: MIN) share price has spent all but 5 of the last 30 days steadily gaining. Right now, it’s 17.24% higher than it was this time last month.
On June 9, the Mineral Resources share price was $48.42. Currently, shares in Mineral Resources are going for $56.77.
Let’s take a look at the latest news from Mineral Resources.
Quick refresher
Mineral Resources is a lithium and iron ore miner with ambitious plans to boost its production by as much as 350% over the next 5 years.
Its share price has been increasing in correlation with the price of iron ore and the growing demand for lithium.
Additionally, Macquarie has tipped the company to pay fully franked dividends of $3.32 per share in financial year 2021 and then $3.05 per share in financial year 2022.
That would see Mineral Resources with fully franked dividend yields of 6.4% and 5.9% respectively.
The latest news to drive the Mineral Resources share price
The last time the market heard from Mineral Resources was on Tuesday this week.
The company announced its wholly-owned subsidiary, Energy Resources Limited, has secured a drilling rig for the Lockyer Deep 1 well.
The news saw the Mineral Resources share price gain 0.43%. While that doesn’t sound much, for context, that same day the S&P/ASX 200 Index (ASX: XJO) fell 0.59%.
The Lockyer Deep 1 well is a conventional gas exploration well located in the onshore Perth Basin.
The newly secured rig is expected to start drilling later this month.
Energy Resources is part of a joint venture that operates the exploration permit on which the Lockyer Deep 1 well sits.
Energy Resources holds 80% of the permit’s interest, while Norwest Energy NL (ASX: NWE) holds the other 20%.
Mineral Resources share price snapshot
It’s been a good year so far for the Mineral Resources share price, which has gained 47% in 2021. It has also grown a whopping 146% since this time last year.
The company has a market capitalisation of around $10.8 billion, with approximately 188 million shares outstanding.
The post It’s been a big month for the Mineral Resources (ASX:MIN) share price appeared first on The Motley Fool Australia.
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More reading
- Why the Mineral Resources (ASX:MIN) share price hit an all-time high today
- 2 highly-rated ASX dividend shares for income investors in July
- Why the Mineral Resources (ASX:MIN) share price is moving higher
- ASX 200 Weekly Wrap: ASX finishes FY21 on a high
- 2 highly rated ASX mining shares that could be buys
Motley Fool contributor Brooke Cooper 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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