Mineral Resources is under Algo Engine buy conditions and is in our ASX 100 model portfolio.
The share price has fallen 20% from the July high, as the iron ore price rolled over from $220/t to $130/t.
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The strong lithium market (particularly spodumene with spot at US$1,250/t) offsets some of the weakness in iron ore and the growth outlook for MIN remains attractive.
The likely approval of Ashburton in the coming months is a key positive for the stock. Key decisions around Ashburton development hub and Wodgina restart are likely at the group AGM scheduled for 18th Nov.
Accumulate within the $42 – $52 price range.
