The Mineral Resources Ltd (ASX: MIN) share price has fought back from a tough start and is now in positive territory.
At the time of writing, the mining and mining services company's shares are up almost 1% to $67.59.
Why is the Mineral Resources share price rising?
Investors have been buying the company's shares this morning following the release of an announcement shortly after the market open.
That announcement provides investors with an updated mineral resource and ore reserve statement for its Mt Marion and Wodgina lithium deposits, as well as a maiden mineral resource and ore reserve statement for its Ken's Bore iron ore deposit.
According to the release, the Mt Marion deposit has an ore reserve of 35.7Mt at 1.42% Li2O, which is up 107% year on year. Whereas the massive Wodgina deposit has seen its ore reserve increase 12% to 164.6Mt at 1.15%. Combined, Mineral Resources is sitting on top of an ore reserve of over 200Mt of lithium.
The company's managing director, Chris Ellison, commented:
Across Mt Marion and Wodgina, our lithium reserves now total more than 200 million tonnes, while successful drilling at Mt Marion has confirmed it has a longer life and excellent potential for underground mining.
In respect to its iron ore deposit at Ken Bore, that came in with a maiden ore reserve of 207Mt at 58.1% Fe. Commenting on the deposit, Ellison said:
Our maiden Ore Reserve and Mineral Resources at Ken's Bore underpins the transformational Onslow Iron Project currently under construction, and together with the other Joint Venture resources will see MinRes deliver low-cost, quality iron ore for decades to come.
Overall, the managing director believes this update highlights the quality of its assets. He adds:
This update confirms the quality of MinRes' lithium and iron ore assets, which are some of the best in the world.
The Mineral Resources share price is largely flat over the last 12 months.
