A garnet miner run by the younger brother of Chris Ellison has fallen into administration after the billionaire’s Mineral Resources pulled the plug on funding.
The loss-making iron ore and lithium miner is the biggest shareholder in Resource Development Group and has funded the development of a stuttering garnet mine through a $135 million interest-free loan.
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Mark Wembridge covers resource companies for The Australian Financial Review, based in Perth. He formerly worked for the Financial Times in London and Hong Kong. Connect with Mark on Twitter. Email Mark at mark.wembridge@nine.com.au
