Mineral Resources probe: Year by year, here’s what Chris Ellison entities collected in rent from the miner

Mineral Resources paid rent to entities associated with its managing director Chris Ellison amounting to about $32 million between 2007 to 2024. Mr Ellison, who has now resigned as New Zealand’s honorary consul to WA, has been under scrutiny after the company that he founded launched an internal inquiry into what the board described as “profoundly disappointing” conduct. A separate investigation was launched by corporate watchdog the Australian Securities and Investments Commission, along with another line of inquiry by the Australian Securities Exchange. “Mr Ellison holds varying interests in relation to the varying properties, along with others,” Mineral Resources’ board said in the statement released after markets closed on Thursday. The company also engaged Ship Agency Services, which is associated with Ellison’s daughter, as a “preferred” ship agency and afforded it with “rent relief,” according to the statement. The board is expected to be grilled by disgruntled shareholders over the matter at its annual meeting on November 21. Since this year’s peak in May, Mineral Resources’ market value has fallen by more than half. Its shares were down another 4 per cent in early trade to $33.94. After findings from the internal investigation, Mr Ellison was fined $8.8 million by the company and will forfeit his salary and other incentives worth as much as $9.6m. Mineral Resources also announced he would retire from his position within 18 months, a timeline that drew criticism from superannuation shareholder HESTA earlier this month. The company’s internal probe into Mr Ellison found that he did not act with integrity when he financially benefited from Mineral Resources’ payments made to companies owned by him. On Friday, the New Zealand government confirmed he was no longer the honorary consular representative to WA. The New Zealand Ministry of Foreign Affairs and Trade said in a statement it acknowledged Mr Ellison’s dedication to the role since his appointment in 2012 and his contribution to supporting New Zealanders in the state. Mr Ellison has previously said he came from a poor, rural background on New Zealand’s South Island, and has maintained strong links to his country of birth. Earlier this week, the Perth-based miner said it will immediately shut its Bald Hill lithium project, citing the crash in prices of the key battery material. Bloomberg