A number of ASX mining shares are reaching new 52-week highs. The three in this article saw 12-month highs today.
Commodity prices have broadly risen over the past two years, with some prices doing particularly well.
Resource businesses rely on the commodity price to make attractive profits. It typically costs a business the same amount to extract a resource whether a price is a bit higher or lower. If a commodity price jumps higher, that can mean it largely adds to profit (aside from paying extra money to the government).
These three ASX mining shares just hit 52-weeks highs:
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Coronado Global Resources Inc (ASX: CRN)
Coronado was one of the miners to hit a new high. It ended the day at $1.70.
Over the last year the Coronado Global Resources share price has risen by 71%.
This business is one of the world's largest producers of metallurgical coal.
It recently reported its FY21 result for the 12 months to 31 December 2021, which showed a 46.9% increase of revenue to $2.15 billion and a 184% rise of 'net income' (net profit) to $189.4 million.
Management noted the prospect of prolonger higher coal prices, as demand for steel continues to rise and outstrip supply in the short-term.
Capricorn Metals Ltd (ASX: CMM)
During the day's trade, the Capricorn Metals share price reached $3.83.
Over the past year, Capricorn Metals shares have risen by 159%.
What does Capricorn do? It's a business that operates in the gold sector with two project areas – the Karlawinda Gold Project and the Mt Gibson Gold Project.
Gold prices have risen amid the conflict between Russia and Ukraine.
The ASX mining share recently revealed its quarterly update for the three months to December 2021. That update showed quarterly gold production of 30,316 ounces, with guidance of between 110,000 ounces to 120,000 ounces for FY22. Its cashflow was $40.1 million for the quarter.
Mincor Resources (ASX: MCR)
The Mincor Resources share price spiked to $2.06 earlier today, hitting a 52-week high.
Over the last year the Mincor share price has climbed 91%.
Mincor Resources says that it's focused on re-establishing sustainable, high-grade nickel production in the Kambalda district of Western Australia.
During the ASX mining share's recent half-year, it noted that the first nickel was extracted from two development headings at its northern operations, recruited key operational staff and it also included the issue of the formal 'start notice' to BHP Group Ltd's (ASX: BHP) Nickel West, which indicated the company's intention to supply the first ore for processing.
