Mineral Resources slumped another 13 per cent on Wednesday, one of the biggest ASX losers in a market awash with red. The company’s stock was $96 at the start of 2023. Shares are now changing hands at $14, leaving Chris Ellison’s miner a market cap of $2.8 billion.
This is (to put it mildly) a rather humiliating place to be. MinRes equity is valued at less than fast-food restaurant chain Guzman y Gomez. A diversified miner with iron ore, lithium and a money-making mining services division crossed the burrito line. Sell iron ore. Buy taco bowls.
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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
