Mineral Resources, led by Chris Ellison, has sold its nearly 14% stake in Develop Global in an effort to raise cash. The sale, which amounted to nearly $70 million, removes a large overhang from Develop Global's stock and comes as copper prices strengthen. The relationship between Ellison and Develop Global's leader, Bill Beament, remains strong.
Bell Potter’s Perth desk was seeking buyers for Mineral Resources ’ entire stake in Develop Global after the market close on Monday in an effort to raise cash. Chris Ellison ’s MinRes holds nearly 14 per cent of the Bill Beament -led explorer. Shares were sold in a buyer-led trade at $2 a pop, just shy of $70 million in total, with funds like Tribeca’s Global Natural Resources snapping up stock.
The sale removes a large overhang from Develop Global’s stock, especially as copper prices strengthen. Fund managers have known it is a non-core holding for MinRes and expected it to come up for sale. The relationship between Ellison and Beament is still strong, sources said. MinRes will continue to be Develop’s underground mining contract at Mt Marion.
MinRes has been trying to sell off its non-core assets to unlock cash and reduce its debt levels. The companyhas co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.
Mineral Resources Develop Global Stake Cash Sale Copper Prices Chris Ellison Bill Beament
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