Home / Sector / Resources Shares / It's been a big month for the Mineral Resources (ASX:MIN) share price

It's been a big month for the Mineral Resources (ASX:MIN) share price

Mineral Resources is one of the ASX 200's best performers of the last 30 days.

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Brooke Cooper
Brooke has been a Motley Fool contributor since early 2021. She holds a Bachelor of Communication with specialisations in journalism and international studies from Charles Sturt University. Brooke aims to inform and excite Aussies keen to grow their wealth by investing in ASX companies. When not writing or researching, you'll likely find Brooke gallivanting around South East Queensland.
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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. 

happy mining worker fortescue share price

Image source: Getty Images

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.

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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