MinRes cuts 110 jobs and books $260m loss as Lucky Bay garnet project collapses

The Australian miner's exit from the loss-making venture, once linked to executive family ties, marks a significant write-down and restructuring step for the company.

By Handelsavisen Newsroom · Automated 2026-06-25 00:31 UTC · 1 min read

Mineral Resources has terminated operations at its Lucky Bay garnet mine, resulting in the elimination of 110 jobs and a cumulative financial loss exceeding $260 million.

The decision to close the project marks the end of a costly venture that the company has now fully exited after determining it was no longer economically viable.

The closure represents a substantial hit to the miner's balance sheet, with the total cost of backing the project now standing at more than $260 million.

The closure represents a substantial hit to the miner's balance sheet, with the total cost of backing the project now standing at more than $260 million.

The operation, which was previously managed by Resources Development Group, had been a source of significant financial drain for MinRes.

The company's leadership has now pulled the plug on the loss-making asset, signaling a decisive shift away from the garnet segment.

The project has drawn particular scrutiny due to its historical connection to MinRes executive Chris Ellison, whose younger brother previously ran the operation.