In late 2023, phone calls started coming into Mineral Resources with a bold global direction for the Perth-based miner. Managing director Chris Ellison was in demand from top-tier Wall Street banks and law firms about an ambitious proposal to spin out the miner’s lithium assets into a new holding company. The junior company would list on a US stock exchange.
Internally, Ellison formed a group of hand-picked executives, calling the secret plan “Project Marlin” – a name that would have appealed to the avid fisherman. He travelled to the US to meet the bankers to discuss how it would work.
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Mark Di Stefano is Rear Window columnist, based in the Sydney newsroom. He previously worked at BuzzFeed, the Financial Times and The Information before joining the Financial Review as a media and tech correspondent. Connect with Mark on Twitter. Email Mark at mark.distefano@afr.com
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
