Mineral Resources’ beleaguered founder and managing director Chris Ellison has been battling spot fires on all fronts and is now feeling the wrath of financial markets.

This week, the miner became Australia’s most shorted stock as hedge funds heaped more pressure on the share price, which has collapsed 30 per cent this year. MinRes bonds have also slumped as lenders lose confidence in the company’s ability to repay its loans.