Mineral Resources cleared by corporate regulator
- Australia's corporate regulator has concluded its investigation into Mineral Resources without taking any enforcement action.
- The miner's stock jumped following the midday market update, continuing a broader recovery from its late-2024 lows.
- The decision closes a major regulatory chapter following widespread disclosures regarding executive tax affairs and related-party dealings.
Australia's corporate watchdog has concluded its investigation into Mineral Resources (ASX:MIN) and confirmed it will not take enforcement action against the company or its directors regarding historical governance issues.
The regulatory decision resolves an enquiry sparked by late-2024 disclosures about off-shore tax arrangements and related-party deals that erased billions of dollars from the business's valuation.
"ASIC has informed the company that it has concluded its investigation and determined that it will not take any enforcement action," MinRes said in a statement.
The investigation centred on managing director Chris Ellison's past tax dealings in the British Virgin Islands, which resulted in a $3.8 million repayment and a $5 million charity contribution agreement.
The business recently reported a swing from an $896 million loss to an $1.2 billion net profit for the latest financial year.
Following the announcement, the Mineral Resources share price was up at $65.28.
The Perth-based producer operates major lithium and iron ore mining assets alongside an extensive mining services division across Western Australia.
The miner currently holds a market capitalisation of nearly $13 billion after its stock rebounded roughly 80% over the past 12 months.
