Mineral Resources founder Chris Ellison and other senior executives charged up to 70 per cent above market rates for industrial properties that they have leased to the diversified mining group since 2006, according to independent valuations they themselves commissioned in 2020.

The valuations by Knight Frank raise questions about aggressive rent increases which have resulted in MinRes paying $31.6 million to lease the Ellison properties since the company listed on the ASX. People close to MinRes, speaking on condition of anonymity, estimated that the West Australian group may have overpaid up to $10 million for the properties.