Six months have passed since Chris Ellisontore into the bears of Mineral Resources during a PowerPoint presentation armed with stock charts that compared his iron and lithium miner with Apple. Its share price closed that day at $83.90.
On Thursday, MinRes was trading at $40.60. Halvings are a brutal business. Even accounting for soft iron ore and rock-bottom lithium prices, Ellison is particularly exposed to a spiralling debt load. As those “cowboys” were crowing about at the time.
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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
