Chris Ellison (businessman)

Chris Ellison
Bornc. 1957
New Zealand
EducationOtago Boys' High School
OccupationEntrepreneur
Known forFounder of Mineral Resources

Christopher James Ellison MNZM (born c. 1957) is a New Zealand entrepreneur known as the founder of Australian mining services company Mineral Resources.

Early life

Ellison was born in New Zealand. He grew up on a farm outside of Dunedin and attended Otago Boys' High School, leaving school in 1972 at the age of 15.[1]

Business career

Early ventures

In 1978, Ellison moved to Karratha, Western Australia, where he established rigging firm Karratha Rigging and won a contract to work on the North West Shelf Venture.[2] He was managing director until 1982, when he sold the firm to Walter Wright Industries and subsequently became general manager of its WA/NT division. In 1986 he established Genco Ltd, which was acquired by engineering firm Monadelphous Group in 1988.[3] Ellison became a substantial shareholder in Monadelphous as a result of the acquisition, but the company collapsed in the early 1990s and left him financially ruined.[2]

Mineral Resources

In 2006, Ellison and others established Mineral Resources as a merger of three mining services firms: pipeline contractor PIHA, ore-crushing firm Crushing Services International (CSI), and Process Minerals International (PMI). Ellison was a major shareholder in each of the three.[2] Mineral Resources was floated on the Australian Stock Exchange (ASX) in 2006 at 90 cents per share. By 2022 the company's share price had risen to an all-time high of over $71 per share, with Ellison holding around 12 percent of the company.[4]

In 2023, Ellison's compensation as managing director of Mineral Resources was AU$6 million.[5]

In 2024, Ellison attracted attention for comments he made during a financial results presentation at Mineral Resources. Opposing any form of remote work, Ellison said he wanted to "hold them [staff] captive all day long. I don’t want them leaving the building … I don’t want them walking down the road for a cup of coffee. We kind of figured out a few years ago how much that cost."[5]

In October 2024, Ellison admitted to being involved in a tax evasion scheme.[6]


Other activities

As of 2022, Ellison owned a 10 percent stake in ASX-listed rare earths explorer VHM Limited.[7] In September 2023 he was appointed non-executive chairman of ASX-listed explorer Delta Lithium Ltd after Mineral Resources acquired a controlling stake.[8]

Personal life

In 2009, Ellison bought a riverside mansion in Mosman Park, Perth, for an Australian record price of $57.5 million (equivalent to $88.2 million in 2022). The property was bought from mining heiress Angela Bennett.[9] In 2022 he and former Mineral Resources board member Tim Roberts purchased an agricultural property near Queenstown, New Zealand, for over NZ$30 million.[10]

Ellison was appointed as New Zealand's honorary consul in Western Australia in 2013. He was appointed a Member of the New Zealand Order of Merit in the 2022 Queen's Birthday Honours, for "services to New Zealand–Australia relations".[11]

Net worth

Ellison became a notional billionaire in 2020, when shares in Mineral Resources hit a then record high.[12]

Year Australian Financial Review
Rich List 		Forbes
Australia's 50 Richest
Rank Net worth (A$) Rank Net worth (US$)
2018[13] 98 Increase $0.78 billion Increase
2019[14] 148 Decrease $0.66 billion Decrease
2020[15] 103 Increase $1.00 billion Increase
2021[16] 87 Increase $1.29 billion Increase
2022 64 Increase $1.80 billion Increase
2023[17] 55 Increase $2.25 billion Increase
Legend
Icon Description
Steady Has not changed from the previous year
Increase Has increased from the previous year
Decrease Has decreased from the previous year

References

  1. ^ Ellison, Chris (23 September 2018). "Don't be afraid to give it a go - you have nothing to lose". Otago Boys' High School. Retrieved 6 February 2023.
  2. ^ a b c Klinger, Peter (12 December 2009). "Mansion buyer left school at 15". The West Australian. Retrieved 6 February 2023.
  3. ^ Salomae Haselgrove, Salome (3 September 2020). "MinRes MD rises from Pilbara businessman to billionaire". Australian Mining. Retrieved 19 February 2023.
  4. ^ "Mineral Resources boss Chris Ellison's fortune jumps $190m in one day on lithium spin-out 'speculation'". The West Australian. 9 September 2022. Retrieved 19 February 2023.
  5. ^ a b Makortoff, Kalyeena (2024-08-29). "'Hold them captive': Australian billionaire boss aims to end staff going out for coffee". The Guardian. ISSN 0261-3077. Archived from the original on 2024-08-31. Retrieved 2024-09-01.
  6. ^ Burton, Jesinta (2024-10-21). "Mineral Resources board mum on 'tax evasion' probe as share price plunges". WAtoday. Retrieved 2024-11-05.
  7. ^ "Chris Ellison-backed rare earths play VHM Limited locks in $256m float". Australian Financial Review. 21 November 2022. Retrieved 19 February 2023.
  8. ^ "Mineral Resources' Chris Ellison takes control of Delta Lithium, David Flanagan to exit". The West Australian. 12 September 2023. Retrieved 12 September 2023.
  9. ^ Sonti, Chalpat (8 December 2009). "Perth mansion sold for Australian record of $57.5m". Sydney Morning Herald. Retrieved 6 February 2023.
  10. ^ Thompson, Brad (19 September 2022). "Albemarle interested in potential $10b lithium spin-off". Australian Financial Review. Retrieved 19 February 2023.
  11. ^ "The Queen's Birthday and Platinum Jubilee Honours List 2022 - Citations for Members of the New Zealand Order of Merit". Department of the Prime Minister and Cabinet. Retrieved 19 February 2023.
  12. ^ Sprague, Julie-anne (2 September 2020). "Meet Australia's newest billionaire". Australian Financial Review. Retrieved 19 February 2023.
  13. ^ "AFR Rich List 2018". Retrieved 8 August 2018.
  14. ^ Bailey, Michael (30 May 2019). "Australia's 200 richest people revealed". Australian Financial Review. Nine Publishing. Retrieved 31 May 2019.
  15. ^ Bailey, Michael; Sprague, Julie-anne (30 October 2020). "The full list: Australia's wealthiest 200 revealed". Australian Financial Review. Nine Publishing. Retrieved 31 October 2020.
  16. ^ Bailey, Michael; Sprague, Julie-anne (27 May 2021). "The 200 richest people in Australia revealed". Australian Financial Review. Retrieved 28 May 2021.
  17. ^ Bailey, Michael; Sprague, Julie-anne (26 May 2023). "The 200 richest people in Australia revealed". Australian Financial Review. Retrieved 6 June 2023.