Perth, June 23, 2026, 06:02 (AWST)
Mineral Resources Ltd (ASX:MIN) enters Tuesday’s session under pressure after closing at A$66.63 on Monday, down A$2.52, or 3.64%, as investors weighed a fresh board update on the succession of founder and Managing Director Chris Ellison. The stock opened at A$69.70 and touched A$66.12.
The fall was considerably steeper than the S&P/ASX 200’s 0.14% decline to 8,816.1, leaving MinRes about 3.5 percentage points behind the benchmark. Mining stocks were broadly weak: lithium peer PLS fell 5.95%, while BHP lost 1.73%.
The timing matters. Chair Malcolm Bundey will use the update in meetings with proxy advisers and investors this week, putting MinRes’ open-ended leadership transition back before major shareholders. The company outlined an internal assessment and an external search, but gave no departure date for Ellison and did not name a preferred successor.
The board said it has a “preference for an internal candidate” because of the unusual mix of mining services, infrastructure and commodity operations inside MinRes. That wording placed Chief Operating Officer Darren Killeen in clear view, though the formal process remains open to outside candidates. The Australian
Killeen has worked at MinRes for 17 years and was appointed to the newly created COO role on May 7. He previously led the design, construction and commissioning of the Onslow Iron project and now oversees operations across the company’s divisions while reporting directly to Ellison.
Monday’s presentation also carried a stronger financial message. MinRes said Onslow was sustaining a production rate of 35 million tonnes a year, forecast net debt-to-EBITDA below two times in the near term and expected US$765 million from its POSCO lithium transaction in the first half of fiscal 2027. Net debt-to-EBITDA is a leverage measure comparing borrowings with operating earnings.
Those operating gains are being weighed against MinRes’ governance history. In 2024, the board found Ellison had used company resources for personal benefit and had failed to disclose tax matters properly, prompting penalties and an initial plan for him to leave within 18 months. The timetable was later replaced with a broader succession process.
Morningstar equity analyst Mark Taylor wrote in April that “high debt levels and low commodity prices were a concern,” although agreed asset sales and the ramp-up of key operations should help. Morningstar then placed its A$75 fair-value estimate above the current market price, while retaining a high level of uncertainty around the stock. Morningstar
But the risks remain substantial. A prolonged transition could keep governance concerns alive, while weaker lithium or iron-ore prices would slow debt reduction across a business exposed to both commodities. Completion of the POSCO transaction is also important because the proceeds are earmarked to strengthen a balance sheet stretched by the Onslow build and the earlier lithium downturn.
The immediate question for Tuesday’s trade is whether investors treat Killeen’s expanded role as useful succession clarity or merely another step in a process with no fixed end. Until the board identifies its next chief executive and a handover timetable, MinRes’ improving operations and finances will continue to compete with uncertainty over who ultimately runs them.
