The Mineral Resources Ltd (ASX: MIN) share price has dropped by around 4% after the resignation of directors.
Mineral Resources is one of the larger miners on the ASX – it’s involved with both iron ore and lithium. It is also a major mining services business, helping other miners with their operations.
Mineral Resources directors resign
According to an ASX announcement by the iron ore and lithium miner, Jacqueline McGill and Susie Corlett have resigned as non-executive directors of the board, effective today.
McGill joined the Mineral Resources board in January 2024 and also serves as a non-executive director and board committee chair across a number of Australia and international listed entities, including New Hope Corporation Ltd (ASX: NHC), 29Metals Ltd (ASX: 29M), as well as the Royal Automobile Association of South Australia.
Corlett joined the Mineral Resources board in January 2021 and also serves as a non-executive director across a number of entities including Iluka Resources Ltd (ASX: ILU), Aurelia Metals Ltd (ASX: AMI) and Silex Systems Ltd (ASX: SLX).
Leadership comments
The Mineral Resources non-executive Chair James McClements said:
Susie and Jacqui have contributed an enormous amount to the MinRes Board over their respective tenures.
Both Susie and Jacqui have dedicated substantial time and effort over recent months in our efforts to improve governance and procedures across the business, while navigating their significant other professional commitments.
On behalf of the Board, I want to thank Jacqui and Susie for their contribution and wish them the best for the future.
Final thoughts on the Mineral Resources share price
I don’t know exactly why these directors have decided to resign. It comes after significant questions about governance issues at Mineral Resources relating to its talisman, Chris Ellison.
Time will tell if this is the last entry in the story of this ordeal, or whether anything else will come out.
The miner may well be undervalued at this price, but it needs its Onslow project to start generating meaningful earnings after delays.
It’s not one I’m personally looking to invest in, but I can see why contrarian investors may be interested.
