MinRes adds mining veteran Colin Moorhead to board as Ellison departure looms
The addition of a mining veteran and leadership transition expert to MinRes’s depleted board prepares the ground for the departure of embattled managing director Chris Ellison.
Mineral Resources has added some much-needed mining experience to its depleted board with the appointment of former Newcrest executive and Xanadu Mines boss Colin Moorhead.
Chris Ellison-led MinRes also unveiled former National Australian Bank group executive for people and culture Susan Ferrier as a new non-executive director on Friday.
The appointments signal MinRes is preparing to part ways with controversial founder and managing director Chris Ellison as part of a big governance and balance sheet repair job.
Zimi Meka became the sixth director in the past six months to exit the board in the wake of various governance scandals and an ongoing Australian Securities and Investments Commission investigation focused on Mr Ellison.
Mr Meka joined former chairman James McClements, Jacqueline McGill, Susie Corlett, Denise McComish and former cricketer Justin Langer in heading for the door.
The only directors still standing since August last year when the company announced underlying net profit had plunged almost 80 per cent to $158m in 2023-24 are Mr Ellison, former WA public servant Colleen Hayward and Chinese business woman Xi Xi.
Two months ago new chairman Malcolm Bundey said Mr Ellison would depart as managing director as he promised last November, but declined to put a timeline on his exit.
Mr Bundey also said at the time that MinRes was willing to sell assets, including its lithium mines, to help reduce a $5.3bn debt pile after reporting a loss of $904m for 2024-25.
Mr Moorhead is already a non-executive director at gold miner Ramelius Resources and copper producer Aeris Resources. He is a former president of Australasian Institute of Mining and Metallurgy (AusIMM) and a former director of the Australian Minerals Industry Research Association (AMIRA).
He said MinRes was at a pivotal stage, pointing to growth in its core mining services division and with the “transformational” Onslow Iron project up and running and slated to produce 35 million tonnes of iron ore a year.
“I look forward to bringing my experience and insights to the technical committee and sustainability committee, and supporting MinRes to navigate the opportunities and challenges ahead,” he said.
MinRes said Mr Moorhead visited its Wodgina lithium operations, owned in partnership with New York-listed Albemarle, and Onslow Iron before signing on to the board.
Mr Bundey said he would provide “technical depth and operational insight”, and significantly strengthen the board’s capability in these areas.
Ms Ferrier has no track record in mining but vast experience in a people and culture role at NAB and KPMG International, and is a member of Chief Executive Women.
Mr Bundey suggested she would play a key role in the transition to new leadership once Mr Ellison, the company’s founder and biggest shareholder, departed.
“She has successfully supported four CEO succession processes during her executive career, offering valuable insight and partnership to chairs navigating leadership transitions,” he said.
The MinRes share price was sitting at $44.67 on Friday after climbing steadily from a 12-month low of $14.05.
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Originally published as MinRes adds mining veteran Colin Moorhead to board as Ellison departure looms
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