ILU, MIN: Why these ASX shares rose over 23% in past six months

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ILU, MIN: Why these ASX shares rose over 23% in past six months

ILU, MIN: Why these ASX shares rose over 23% in past six months
Image source: © Herrbullermann | Megapixl.com

Highlights

  • ASX 200 is trading on a weak note so far this week.

  • The benchmark index fell 1.2% to 7,347 points on Monday.

The ASX 200 has traded on a weak note so far in the week due to the ongoing geopolitical tensions and expectations of interest rate hike. On Monday, the benchmark index declined 1.2% to 7,347 points. The market saw majority of stocks trading in the red. In such a scenario, investors would be tracking shares with solid performance to build gains amid the ongoing uncertainty in the domestic share market.

On this note, let’s see why these two ASX-listed stocks rose over 23% in the past six months:

Iluka Resources Ltd (ASX:ILU)

Iluka Resources is an Australian based resource company. It was formed through the merger of RGC Ltd and Westralian Sands Ltd in 1998, with the name Iluka adopted in 1999.

The stock rose nearly 24% in the past six months. In the past year, the share price gained over 43%. The stock advanced over 6% on a year-to-date (YTD) basis.

The stock was recently in focus after the company made a final investment decision on phase three of the Eneabba Rare Earths Refinery. Iluka decided to go ahead with the construction of the refinery. Earlier, it had completed the feasibility study, which highlighted robust economics and significant potential for growth.

Mineral Resources Ltd (ASX:MIN)

Mineral Resources is an integrated supplier of goods and services to miners. The mining infrastructure provider’s operational segments include mining, mineral services, and processing alongside pit to port solutions.

The stock rose over 45% in the past six months. In the past year, the share price gained over 19%. The stock fell over 3% on a YTD basis.

On 26 April, Mineral Resources announced that it plans to offer up to an aggregate principal amount of US$1 billion of senior unsecured notes due for 2027 and 2030.

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