MinRes Aims for Copper Expansion after Record Profit

Mineral Resources (ASX: MIN) has announced its intention to expand into copper mining after achieving a record profit of A$1.2 billion ($862 million) for the 12 months to June 30.

The company's CEO, Chris Ellison, stated that they are looking to acquire at least one copper project and provide mining services internationally.

This move is part of a broader trend among miners to expand into copper as prices trade near record highs due to booming demand and stalling supply.

Ellison emphasized the importance of diversifying beyond Australia, where all the company's current assets are located, in order to grow further.