New MinRes chair Malcolm Bundey ‘acutely aware’ of shareholder expectations in taking reins at besieged miner

Malcolm Bundey has officially been stationed to lead the reputational rehab at Mineral Resources, a move that triggers the exit of James McClements after a decade with the Chris Ellison-founded miner. Mineral Resources confirmed the role of chairman had formally been passed to former Brickworks deputy chair Mr Bundey on Tuesday. It comes as part of a leadership transition announced in May as penance for a series of corporate governance shortcomings at the miner, which were acknowledged as “periods that have tested us” by the departing chair. “I wish Mal every success as incoming Chair and I am confident that, under his leadership, MinRes is well positioned to consolidate and deliver on its strong future,” Mr McClements said. Mr McClements announced his exit shortly after revelations in October that founder and chief executive Chris Ellison was involved in historic tax evasion on co-owned offshore companies and used MinRes for personal benefit via a series of related-party transactions. Mr Ellison said in a statement on Tuesday the outgoing chairman had helped “guide MinRes through a transformative decade marked by growth and, more recently, real challenges.” “During this period, MinRes has expanded our mining services business, consolidated our position in lithium and developed Onslow Iron as a low-cost, long-life project which underpins future growth,” the MD said. Mr Bundey said he was “honoured to be entrusted as chair at this pivotal time”. “I’m committed to ensuring we have the right structures, processes and people in place to leverage our clear strengths and deliver sustained success as a leading mining services and resources business,” he said. “I am acutely aware of the responsibility to our shareholders, stakeholders and the entire MinRes team as I assume this role.” Mr Bundey will also join a far leaner board than it has been in recent years. Only weeks before his arrival three directors Denise McComish, Jacqueline McGill and Susie Corlett — who together formed a new ethics and governance committee — all left within the space of a week with no explanation. MinRes has previously said the new chair will have a major role in picking Mr Ellison’s successor.