The Mineral Resources Limited (ASX: ANO) share price dropped 5% to $14.34 today after the lithium miner confirmed a deal to sell a 60% interest in its Wodinga Lithium mine to Albermale Corporation has received ACCC approval.
Lithium miners have been on a tear this week on renewed investor optimism over the outlook for lithium prices partly on the back of a strong operating update from battery powered car maker Tesla Inc.
As there's no spot or futures exchange traded market for lithium the commodity's prices are set on an off-take or over-the-counter basis which adds to the price volatility across the sector.
Mineral Resources is also a serious iron ore miner and posted a net profit of $205 million on sales of $1.51 billion over fiscal 2019. It also paid dividends of 44 cents per share on earnings of $1.08 per share.
The stock is up around 66% over the past 5 years.
