The top five Chris Ellison quotes from a colourful Mineral Resources financial results conference call

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

The top five Chris Ellison quotes from a colourful Mineral Resources financial results conference call

The outspoken Chris Ellison stayed true to form after his Mineral Resources released an ugly set of FY2024 financials on Wednesday evening. Here are the best unvarnished snippets from his media and investor briefings on Thursday morning.

A sh*t time to be boss

“We’ve got a fairly long term management team, none the least of myself, I’ve been through all of the downturns.

It’s not a fun time. I mean, this is the sh**tiest time to be the MD of the company.

I mean, you’ve got to really carve the costs out of everything you’re doing.

You look at every single person we’re doing that we’re throwing everything off the deck just to make sure we conserve cash. And anyone out there in our position, and our position is, if you’re mining in lithium you’ve just got to take those steps.”

Holding Osborne Park workers captive

“Head office is a place that a lot of our people want to be and they love working in there. We’ve got a lot of different benefits that were brought on.

Why have I done all that? Because when I get them first up in the morning, I want to hold them captive all day long.

I don’t want them leaving the building, and we do that, so I don’t want them walking down the road for a cup of coffee.

We’re trying to figure it out a few years ago how much that costs wandering out around lunchtime. We’ve got a restaurant in there. We’ve also got a gym, and we’ve got other facilities that keeps them glued in there.”

Close your eyes and stop being lazy

“So as I said before, we’re in a tough market. We’re in one of those downturns, it’s nothing we need to panic about, you just need to close your eyes and go, we’re in a downturn. No one’s making money. I mean, we get that.

I mean, we just got to wait, because eventually a couple of things need to happen. Our lazy First World car manufacturers in Europe and China (he likely meant the ******* States), all of the leaders in those companies are making great profits out of combustion engines.

They don’t want to invest the money and waste their profits on developing the electric vehicles.

You have a look at China. China’s been working on it for a long, long time. Get a company like BYD, they can go and build a really neat car that you put your kids and wife and kids in to go to school. I mean, very safe, great cars, low cost.”

Balance sheet nervous nellies

“You know, by the time I get to this time next year, you’ll be like my bondholders in the US. ‘They go, what’s the problem? What am I not getting?’

And I go, ‘you need to go talk to them’ (analysts in Australia). I mean, when I go to the US, go to the bondholders, we just sit around talking about fishing.

And they go ‘we love the business, it’s amazing, can we lend you some more money?’ Not right now, I’ve got a nervous bunch of nellies in Australia.”

Onslow Iron sneakiness

“I sort of quietly got up to 15-ish million tonnes, and then 20 million tonnes then 30, and that was a promise that I wouldn’t go any further than 30.

And then Mark McGowan went out of office and Roger Cook come in. So during that *******, I went along with another 5 million tonnes.

So we were sort of sitting at around about $2.7 billion to get that 30 million tonnes delivered.

And that little sneaky 5 million tonnes that went in, the ****** venture issued MinRes Construction with about a $560 million variation to add that that extra tonnage.”

This is the hidden content, please

• Sign In
• or
• Sign Up

#top #Chris #Ellison #quotes #colourful #Mineral #Resources #financial #results #conference #call

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up