The Mineral Resources Limited (ASX: MIN) share price shed 3.8% to close on Tuesday at $17.40 as the lithium and iron ore miner released its quarterly activities report.
Mineral Resources said its iron ore and lithium production rates were on target and it's pressing ahead with plans to extend the life of its Yilgarn iron ore mining hub.
But the falling price of iron ore, which slid to under $60 per tonne for the first time in months, will have an impact on the miner.
Other iron ore players also saw their share prices dip on Tuesday.
The BHP Billiton Limited (ASX: BHP) share price dropped 0.34% to close on Tuesday at $26.54, while the Rio Tinto Limited (ASX: RIO) share price lost 0.76% to close at $69.45.
And Fortescue Metals Group Limited (ASX: FMG) was the biggest loser among the major iron ore players with its share price shedding 2.11% to close at $4.64.
It seems Fortescue may be trying to offset its dependence on iron ore, which has demonstrated recent volatility.
Fairfax Media Limited (ASX: FMG) has reported that Fortescue is looking to join the lithium "arms race".
And that may offer an attractive prospect as miners outside the lithium sector have witnessed, perhaps with envy, the recent gains which some have notched up and others continue to do so.
The Orocobre Limited (ASX: ORE) share price gained 4.8% to close at $4.84 on Tuesday following an upgrading this week of the miner's rating to 'buy' and an increase of its price target to $5.50 by Citi.
But Tuesday wasn't as fruitful for Galaxy Resources Limited (ASX: GXY). Its share price dropped slightly, by 0.29%, to close at $3.45.
