Billionaire Chris Ellison cuts stake in Australian miner MinRes, shares down

Mineral Resources

15/05/2026 02:05

May 15 (Reuters) - Mineral Resources MIN.AX founder and billionaire Chris Ellison sold shares worth A$122.5 million ($88.41 million) in the Australian miner earlier this week, an exchange filing showed on Friday, sending its shares tumbling 7%.

Here are some details:

Ellison sold 1.75 million MinRes shares at an average of A$69.98 apiece.

The disposal brought down Ellison's stake to 10.54% from about 11.4%.

MinRes shares tumbled as much as 7.1% to A$65.16 in early trade, hitting their lowest level since May 1, and making them among the top losers on the benchmark ASX 200 index .AXJO.

The stock was headed for its largest single-day decline since March 9.

Ellison, who led MinRes through its initial public offering in 2006 and remains its biggest shareholder, was tied to scandals nearly two years ago for tax evasion and other misconduct.

($1 = 1.3856 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru; Editing by Subhranshu Sahu)

 ((Nikita.Jino@thomsonreuters.com;))