Darren Weaver, a former partner at Ferrier Hodgson, is reportedly set to lead the newly established family office of Mineral Resources founder Chris Ellison. The development comes after Mr Ellison sold $122 million worth of company stock last week, citing personal financial planning purposes, which included funding the family office.
Weaver's Background and Connections
Mr Weaver departed Warburton Group, the Cottesloe-based family office of Multiplex scion Tim Roberts, at the end of last year. He served as chief executive and later chair of Warburton over a decade. Mr Ellison and Mr Roberts share strong personal and business ties, including the sale of a 35-metre yacht named M.Y. Anya from Mr Roberts to Mr Ellison. Additionally, Mr Roberts's private jet charter company, AV West, once held a half stake in MinRes Air, Mineral Resources' in-house airline.
Further evidence of Mr Weaver's involvement comes from a recent filing with the Australian Securities and Investments Commission. In February, Mr Weaver became a director of Wild Barra Fisheries, a Darwin-based private company focused on barramundi, king threadfin salmon, and black jewfish. Mr Ellison is the only other director, and his main personal corporate entity, Sandini Pty Ltd, is the sole shareholder.
MinRes and Ellison's Future
Mineral Resources declined to comment on Mr Weaver's rumoured appointment, and Mr Weaver did not respond to requests for comment. Shares in MinRes fell 8 per cent on Friday after the stock sale announcement and continued to decline on Monday, closing 1.3 per cent lower. The company would not disclose whether Mr Ellison plans to sell more stock to fund the family office.
Mr Ellison is also selling his riverside Mosman Park mansion, purchased for a Perth-record $57.5 million in 2009. He and his wife Tia currently reside in a neighbouring property, according to corporate filings. Mr Ellison was expected to step down as MinRes boss by the end of this month after the board committed to finding a replacement CEO within 18 months in November 2024. This followed scandals involving tax evasion and misuse of company funds, which are under investigation by ASIC.
However, the timeline for Mr Ellison's exit has become uncertain since new chair Malcolm Bundey joined nearly a year ago. Mr Bundey has emphasised that MinRes should not rush to replace Mr Ellison to meet an arbitrary deadline, a stance that has pleased shareholders who view Mr Ellison as vital to the company's success. MinRes' value has surged more than 150 per cent over the past year.
