Mineral Resources swings to a $1.2 profit with boss Chris Ellison to reap $24m in remuneration and dividends
Mineral Resources has swung from a $896 million loss to a $1.2 billion net profit and reinstated dividends.
Mineral Resources has swung from a $896 million loss to a $1.2 billion net profit and reinstated dividends.
The company’s flagship Onslow Iron operation was the biggest contributor to the sharp turnaround in financial fortunes, delivering underlying earnings before interest, tax, depreciation and amortisation of $909m for the 2026 financial year.
Mining services underlying EBITDA increased 32 per cent to a record $976m, which was “largely driven by the successful ramp-up of Onslow Iron”, according to MinRes.
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By continuing you agree to our Terms and Privacy Policy.Mining services division chief Mike Grey was awarded a one-off bonus package of $1m in cash and $2m in shares for his “significant contribution to the delivery of the Onslow Iron project”.
MinRes’ Mt Marion and Wodgina lithium mines were the other key earnings contributors with a combined $772m of underlying EBITDA.
Group revenue rose 44 per cent to $6.5b.
Balance sheet pressure that stressed investors in FY2025 has eased significantly. MinRes’ liquidity position was boosted by $1.1b to $2.36b and net debt has fallen from $5.35b to $4.27b.
The Osborne Park company subsequently brought back dividends after a two-year hiatus.
That dividendless period was marred by problems with the initial ramp-up of Onslow Iron, weak lithium prices, and a corporate governance scandal embroiling its founder and chief executive Chris Ellison.
MinRes will soon pay its shareholders a final dividend of 83¢ a share, significantly larger than analysts expectations of a 7¢ payout.
The dividend declaration will result in a $17.3m payout for Mr Ellison as the company’s biggest shareholder.
The billionaire had sold 1.75m shares in May “for personal financial planning purposes, including the establishment of a family office”.
Mr Ellison received $6.7m in cash and stock as his MinRes remuneration for FY26.
Shares in MinRes surged 5.7 per cent to $70.70 in early trade on Thursday following the dividend windfall.
More to come . . .
