We also sold Mineral Resources (ASX:MIN, Financial), the Australian-based mining services company, on the strength of a surprisingly strong upward move in iron ore prices. Although the company’s iron ore crushing revenues are driven primarily by the volume of the ore crushed rather than the price of the commodity, the stock’s high correlation with iron ore price hurt our results over the time we owned the stock.
From Southeastern Asset Management's International Fund second quarter 2016 commentary.
