Rich Lister Chris Ellison says he is prepared to run his Pilbara iron ore business at a loss until cost reductions and growth spending improve its profitability, and says a demerger of Mineral Resources’ lithium business will “probably” happen in future.

A 62 per cent slump in iron ore prices over the past six months forced Mineral Resources to cut export guidance by 12 per cent by removing high-cost tonnes from the “Yilgarn” mines that are connected to Esperance port on Australia’s south coast.