Mineral Resources Ltd (ASX: MIN) shares are falling hard today.

Shares in the S&P/ASX 200 Index (ASX: XJO) lithium miner and diversified resources producer closed yesterday trading for $24.86. In late morning trade on Wednesday, shares are changing hands for $22.93 apiece, down 7.8%.

For some context, the ASX 200 is down 0.5% at this same time. The benchmark Aussie index is following the lead of US stock markets, where the S&P 500 Index (SP: .INX) closed down 1.1% overnight amid continuing tariff jitters.

With today's intraday slump factored in, Mineral Resources shares are down a painful 66.4% since this time last year, when those same shares were worth $68.21 each.

Adding to shareholder pain, Mineral Resources suspended its dividend when the company reported its half-year results in February.

But with the ASX 200 mining stock having lost two-thirds of its market valuation over the last 12 months, is it time to go bargain hunting?

For some greater insight into that question, we defer to Peak Asset Management's Niv Dagan (courtesy of The Bull).

Mineral Resources shares still facing challenges

"MIN is a leading diversified resources company, with extensive operations in lithium, iron ore, energy and mining services across Western Australia," said Dagan, who has a sell recommendation on Mineral Resources shares.

Dagan pointed to the miner's half-year results as cause for concern. He said:

Revenue of $2.290 billion in the first half of fiscal year 2025 was down 9% on the prior corresponding period due to weaker iron ore and lithium prices. The company reported a statutory net loss after tax of $807 million. The result included $352 million of post-tax impairment charges related to its Bald Hill lithium project.

The company didn't declare an interim dividend. The company's Onslow haul road needs to be repaired at a cost of about $230 million.

And Dagan expects that Mineral Resources shares aren't out of the woods quite yet.

"In our view, lingering debt issues and potentially weaker commodity prices are among the challenges faced by the company," he said.

What's the latest from the ASX 200 mining stock?

Atop weaker commodity prices, Mineral Resources shares also faced headwinds in recent months from inclement weather.

In January, the miner reported losing eight days of transhipping at Onslow Iron due to a severe impact from Tropical Cyclone Sean.

Still, Mineral Resources' managing director, Chris Ellison, was pleased with the company's half-year performance.

"Across the first half we made huge progress in ramping up production at Onslow Iron, a project that will transform the quality of our earnings across commodities and mining services," he said.