Join our daily newsletter At The Bell to receive exclusive market insights
Chris Ellison will remain in power at Mineral Resources (ASX:MIN) indefinitely after chairman Malcolm Bundey scrapped the “arbitrary deadline” the company had set, which would have seen Ellison step down by April next year.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
Bundey told MinRes shareholders about the pivot Thursday, stamping out long-running speculation around Ellison’s impending exit and its impact.
“Chris and I are fully aligned that this leadership transition must be a rigorous, well-managed process rather than an ‘event,’ which it had become,” Mr Bundey told MinRes investors yesterday. “A CEO and founder transition should never be treated as a single day in the calendar. It is not about simply searching for and naming a successor – it is about identifying the right person.”
That idea, Bundey and Ellison both agreed at the meeting at the West Coast Eagles headquarters, is that Ellison’s replacement should be someone in a similar mould to the company’s founder with similar ambitions.
Until they’ve settled on someone they feel confident can set MinRes up for the next 40 or 50 years, they plan to “ignore the noise” around Ellison’s departure.
“There’s no doubt that the last 12 months have been incredibly tough, tough on the business, tough on me personally, my family… I thank my wife and kids for the support that I’ve had,” the MinRes founder said during the meeting.
“I very early in the piece decided I just wanted to do what I do best. I’ll ignore all the remarks that are coming at us. You can’t fight that. All I’ll do is make sure we continue to run the business we have for the last 30 years. We’ll continue to do what we do good and that’s delivered to our shareholders.”
MinRes will also be running a detailed review of its leadership structure, the pair confirmed Thursday. Ellison will have a heavy hand in that, The Aus reported.
That same insider report from Brad Thompson at the News Corp paper suggested Ellison “is expected to remain at the helm for at least all of 2026” already and may even retain much of his control deep into 2027, too.
Victories with the Onslow Iron Project (mostly regarding its capacity to boost cash flow) and ramp-up plans for lithium have both helped Ellison’s cause.
Investors and the market alike seemed to enjoy all the news coming out of the MinRes meeting, with the company rebounding a solid +4.5% after the moot. That’s only added to a +48% recovery the company’s seen YTD.
Heading into today, MIN shares will sell at $50.78.
Join the discussion. See what HotCopper users are saying about Mineral Resources Ltd and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
