The Mineral Resources Limited (ASX: MIN) share price climbed 8 per cent to $20.23 today despite the miner releasing no news to the market. In total more than $45 million worth of shares changed hands today in a move that may be related to the rising lithium and iron ore prices.
Iron ore is on the verge of entering a bull market as the red metal hits its highest price in a long time at around US$63 per tonne.
Mineral Resources is a mining services and commodities production group that posted a net profit of $201 million on revenues of $1.46 billion for the year ending June 30 2017. It also paid dividends of 54 cents per share on diluted earnings per share of $1.08.
Over FY 2018 it is forecasting EBITDA of more than $500 million despite capital expenditures in the region of $300 million to $350 million. Shares are now up 63% over the past year with their future direction likely to be leveraged to commodity prices.
