Mineral Resources Limited reported a record financial year ending June 30, 2026, with net profit reaching $1.2 billion and underlying earnings surging to an unprecedented $2.55 billion. The mining company, which reported revenue of $6.46 billion, also announced a final dividend of 83 cents per share, significantly exceeding market expectations. This strong performance has delivered substantial returns to shareholders, including an estimated $17.3 million windfall for managing director Chris Ellison, who holds a 10 percent stake in the company alongside his annual salary.
Despite internal leadership developments—chief operating officer Darren Killeen has been named heir apparent—the board has not established a firm timeline for Ellison’s departure. In late 2024, Ellison had indicated plans to step down within 18 months following previous controversies involving related party transactions and tax matters linked to the company’s founder. However, that timetable was removed by incoming chairman Malcolm Bundey during an ongoing governance review and board renewal process. Investor pressure for a leadership change remains muted amid the company’s robust financial health.
Ellison emphasized Mineral Resources’ intent to broaden its geographic and operational scope, particularly into the highly competitive copper market. The company is close to finalizing an agreement to enter offshore copper production by leveraging its expertise in construction, design, and processing, possibly in exchange for an equity interest in a copper mining project. “We’re interested in partnering with an owner that’s got, say, a copper project somewhere in the world—probably near shovel-ready—and they would be looking for the sort of skill set that we have,” Ellison said during a briefing with analysts.
He underscored the company’s satisfaction with its current iron ore and lithium assets, as well as its thriving Australian mining services business, but signaled that growth in copper projects outside Australia remains a strategic priority. The company has been exploring overseas opportunities for the past 12 to 18 months and anticipates making progress within the next year to year and a half.
The annual report confirmed Killeen’s role as a key figure in the company’s leadership future, with Ellison noting that his appointment “reflects the quality of our leadership team” and provides confidence in the succession process. However, the report did not specify any formal transition date. Ellison’s long-term incentive package, approved last year, extends through 2029 and includes provisions requiring a smooth CEO transition for shares to vest, with certain short-term incentives also contingent on continued service through 2028 and 2029.
Mineral Resources’ record earnings were largely driven by its iron ore division, which posted underlying earnings of $1 billion as its Onslow hub scaled operations. Lithium also contributed positively, with operations in the Pilbara and Kalgoorlie regions generating underlying earnings of $77 million following recent price improvements. Despite the strong results, shares in the company closed 2.3 percent lower at $65.37 on Thursday amid broader market weakness.