Updated Jun 25, 2026 – 10.47am, first published at 10.26amChris Ellison’s ill-fated decision to back a garnet miner once run by his younger brother has cost Mineral Resources more than $260 million, after the company pulled the plug on the Lucky Bay project and axed 110 jobs.MinRes had already booked $222 million in losses from Lucky Bay’s former owner, Resource Development Group – including $146 million in forgiven loans – before Thursday’s closure of the troubled mine.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles