Herd on the Terrace: CSI-style probing needed to understand secret world of Mineral Resources, Chris Ellison

If anyone on the Terrace has some spare whiteboards, please wheel them down to Victoria Avenue and drop them off at the Federal Court building — along with spare magnets and coloured Textas. We believe Justice Michael Feutrill and his team will need to create CSI-style forensic evidence boards to understand what the public knows and does not know about allegations against born-again taxpayer Chris Ellison and his hired help provider Mineral Resources. The court has just been hit with more than 800 pages of new evidence linked to recent media reports about MinRes and the scandal that led to the Australian Securities and Investments Commission launching an investigation on November 7. Despite tubs of dirty laundry being aired since mid-October, MinRes’ vigilant lawyers at Bennett this week continued an application for the court to expunge and permanently suppress a variety of allegations by ousted fix-it man Steven Pigozzo. Given the reams of new filings, Justice Feutrill will be exercising formidable forensic and reading while pondering what Pigozzo allegations can be hidden — and should be hidden — from public view forever. After more than two years of bitter fighting, the secret squirrels at MinRes surprisingly settled their battles with Pigozzo in July and quickly went to the Federal Court seeking an array of permanent secrecy orders. Thanks to a MinRes announcement on November 4, we now know that MinRes and Ellison smoked the peace pipe with Pigozzo a little over a month after its board received a secret report from a confidential investigation into its managing director. The Bull regrettably cannot publicly connect the various dots, heeding the warning by formidable barrister Steven Penglis as he fronted the permanent secrecy push this week. What’s more, Justice Feutrill revealed he was considering a special class of orders covering a Pigozzo statement of claim that the court’s Perth registry staff released to a HOTT operative in June last year, apparently in error. His Honour kindly listened to pleas by the surprised HOTT operative that any orders be clear (unlike what we’re grappling with right now). Here’s hoping we can one day make sense of this matter. Journey awaits South32 recruit Anyone who enjoys gilding the lily could be excused for thinking a dream job has just come up at alumina, copper, silver, lead, zinc, nickel and manganese miner South32. The Perth-based home of various discards from BHP’s failed Billiton merger is advertising a full-time role leading the production of its “annual reporting suite”. This creative person will have to craft compelling “content that showcases our company’s journey, strategy and achievements — from financial performance to sustainability initiatives and corporate governance”. Sounds easy, but it ain’t. South32 is even duller than mineral sands extractor Iluka Resources and the most interesting thing about its annual report is the breakdown of managing Graham Kerr’s $7 million-plus remuneration package. And at the risk of being killjoys, stock exchange rules and the Corporations Act will require South32’s annual report writer to do a lot more than showcase the good stuff. The South32 annual report must detail changes in the miner’s affairs during the year and clearly outline matters that might significantly affect its operations in coming years. And then there is the job of writing a directors’ report that allows investors to make an informed assessment of South32’s operations, financial position, businesses strategies and prospects for future financial years. Tough stuff given this carbon pumper’s hotchpotch of projects around the world. DigitalX rewards success The directors of West Perth crypto manager DigitalX have made the most of a peace deal with former chief executive Alex Karis and other good news. During a trading halt from Monday to Wednesday, DigitalX not only revealed that bitcoin worth more that $6.2m and about $185,000 in Japanese yen was likely heading its way next year from the Mt Gox crypto exchange receivership. It bedded down a $10.3 million placement and hatched plans for a $5.1m rights issue on the same terms. The placement was carried out at 4.7¢, making it look rather generous to sophisticated new investors given DigitalX was trading at 5¢ ahead of the trading halt and rallied as high as 7.5¢ on Wednesday. But our concerns evaporated upon learning that $4.7m was raised from online poker player and bitcoin promoter Antanas Guoga, also known as Tony G, and he would be an adviser to DigitalX. And DigitalX directors have committed $611,000 in the discounted placement, subject to shareholder approval, in what the Bull sees as well-deserved reward for shaking off a former association with jailed scammer Eugeni “Zhenya” Tsvetnenko. DigitalX shares closed at 5.6¢ on Friday.