Mineral Resources shares continue collapse, as an Andrew Ellison-led WA garnet mine exacerbates cash crunch

A troubled garnet mine near Kalbarri run by a Mineral Resources subsidiary that Chris Ellison’s brother leads is racking up a hefty debt owed to its cash-starved parent company.

Pressure on MinRes to bolster its balance sheet is growing and the mining major’s stock dropped another 6 per cent on Thursday — meaning 60 per cent of its share price value has evaporated since mid-May.