Mineral Resources Ltd (ASX: MIN) announced the appointment of two seasoned professionals to its board on 10 October 2025, marking another decisive step in the company’s governance transformation. The diversified miner named Susan Ferrier and Colin Moorhead as independent non-executive directors, bringing decades of leadership experience across finance, human resources, and mining operations.
The appointments form part of an ongoing commitment to board renewal that has become a cornerstone of Malcolm Bundey’s chairmanship since he took the reins in July 2025. The move strengthens independence, enhances governance standards, and provides increased technical oversight at a time when Mineral Resources faces critical operational and reputational challenges.
Susan Ferrier: Culture and People Expert
Ferrier joins Mineral Resources with an impressive 30-year track record in human resources leadership and cultural transformation across finance and professional services. Between 2019 and 2023, she served as Group Executive for People and Culture at National Australia Bank (ASX: NAB), where she led a transformation of the HR function and was accountable for enterprise-wide culture and leadership programs covering 40,000 employees across 11 geographies.
Before NAB, Ferrier held senior global roles with KPMG International for eight years. She served as Global Head of People, Global Head of Inclusion and Diversity, and Australian Managing Partner for People and Culture. Her career also includes 15 years in the United Kingdom in global and regional roles for major financial services organisations including HSBC, Deutsche Bank and ING.
Ferrier currently serves as co-Chair of Jawun, a non-profit supporting economic and social development in Indigenous communities. She is also a board member of Airservices Australia and Sydney Symphony Orchestra, where she chairs their respective Remuneration Committees, and serves on the People and Culture Committee at the University of Sydney.
She holds a Bachelor of Laws and Bachelor of Arts from the University of Sydney and is a member of Chief Executive Women.
Colin Moorhead: Mining Veteran with 35-Year Track Record
Moorhead brings extensive operational and technical expertise spanning exploration, project development and operational leadership in the gold, copper, mineral sands and rare earths sectors. The seasoned geologist has more than 35 years of experience across the mining sector.
Most recently, he was Executive Chair and Managing Director of Xanadu Mines, a copper and gold explorer with projects in Mongolia. Under his leadership, the company was successfully sold earlier this year.
As Chief Executive Officer of PT Merdeka Copper Gold from 2016 to 2018, Moorhead led the successful development of the Tujuh Bukit gold mine in Indonesia, later being appointed an executive director and then non-executive technical director.
Earlier in his career, he spent 28 years at Newcrest Mining Limited (ASX: NCM), including 10 years as an executive. He was responsible for global exploration and resource development, mine geology, and resources and reserves governance.
He currently serves as a non-executive director at Ramelius Resources (ASX: RMS), Aeris Resources (ASX: AIS), and VHM Ltd (ASX: VHM). He is a former president of the Australasian Institute of Mining and Metallurgy (AusIMM), a former director of the Australian Minerals Industry Research Association (AMIRA), and a former ex-officio member of the Joint Ore Reserves Committee (JORC).
Moorhead holds a Bachelor of Science (Hons) in Geology and Geophysics from the University of Melbourne and is an alumnus of the Harvard Business School Advanced Management Program.
Committee Appointments and Strategic Positioning
Following the appointments, Ferrier will become Chair of the Remuneration and People Committee and a member of the Nomination Committee. Moorhead will become Chair of the Technical Committee and a member of the Sustainability Committee.
Mineral Resources Independent Non-Executive Chair Malcolm Bundey emphasised the strategic importance of these appointments:
“The appointments of Susan Ferrier and Colin Moorhead mark another important step in strengthening the capability and diversity of our Board as we position MinRes for its future. Both bring outstanding track records, complementary expertise and a strong alignment with our values. Their experience will be instrumental as we focus on disciplined capital management, leadership succession and engaging with stakeholders to deliver sustainable value for shareholders.”
Context: A Company in Transformation
The appointments come as Mineral Resources navigates one of the most challenging periods in its history. The company has faced governance scrutiny following controversies involving founder and Managing Director Chris Ellison, who admitted to involvement in an alleged tax evasion scheme in 2024.
The Australian Securities and Investments Commission (ASIC) launched a formal investigation, and the company is facing class action proceedings in the Supreme Court of Victoria. These challenges prompted a comprehensive board renewal process and a governance overhaul.
Bundey, who took over as chair in July 2025, has prioritised strengthening governance frameworks, improving board composition, and planning for an orderly succession of Ellison. In July 2025, the company also appointed Lawrie Tremaine and Ross Carroll as independent non-executive directors, both former CFOs of major energy companies.
Board Departure: Zimi Meka to Retire
Mineral Resources also announced that Non-Executive Director Zimi Meka will not stand for re-election at this year’s Annual General Meeting due to his considerable commitments with Ausenco. He will retire from the board at the conclusion of the company’s AGM on 20 November 2025.
The company thanked Meka for his significant contribution to the board, including chairing the Nominations Committee for the recent appointment of the new board chair and helping guide the company through a difficult recent period.
Share Price and Market Performance
As of recent trading, Mineral Resources shares are trading in a range reflecting both operational progress and ongoing governance concerns. The company’s market capitalisation stands at approximately $8.62 billion, with shares outstanding of 197.63 million.
Mineral Resources Share Price
The ASX mining sector has experienced volatility amid fluctuating commodity prices, particularly in lithium and iron ore. Mineral Resources’ diversified operations span lithium production at Wodgina and Mt Marion, iron ore including the flagship Onslow Iron project, mining services through CSI Mining Services, and energy assets.
Operational Progress Amid Challenges
Despite governance headwinds, Mineral Resources has made significant operational progress. The company’s Onslow Iron project reached an annualised run rate of 35 million tonnes per annum in August 2025, achieving nameplate capacity ahead of schedule. The Mining Services division delivered record production and earnings in FY25.
The company’s FY25 results showed Mining Services achieving record production of 280 million wet metric tonnes, with underlying EBITDA growing 34% to a record $737 million. Iron ore shipments rose 11% to 20 million tonnes, supported by attributable production from Onslow Iron.
Investor Outlook
The appointments of Ferrier and Moorhead signal Mineral Resources’ commitment to rebuilding credibility and strengthening its governance framework. Ferrier’s experience in supporting four CEO succession processes during her executive career will be valuable as the board navigates leadership transition planning.
Moorhead’s technical depth and operational insight from site visits to Wodgina and Onslow Iron demonstrate hands-on engagement with the company’s key assets. His experience in developing major projects and his track record in CEO and C-suite roles add significant capability to the board.
With a rejuvenated board, improved governance structures, and operational momentum building at Onslow Iron, Mineral Resources is working to position itself for sustained growth. The focus now shifts to execution, financial discipline, and rebuilding stakeholder trust.
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FAQs
Q: Who are the new directors appointed to Mineral Resources’ board?
A: Mineral Resources appointed Susan Ferrier and Colin Moorhead as independent non-executive directors effective 10 October 2025.
Q: What experience does Susan Ferrier bring to Mineral Resources?
A: Ferrier brings over 30 years of HR and culture transformation experience, including serving as Group Executive for People and Culture at National Australia Bank and holding senior global roles at KPMG International.
Q: What is Colin Moorhead’s background?
A: Moorhead is a geologist with 35 years in mining, including 10 years as an executive at Newcrest Mining and CEO roles at PT Merdeka Copper Gold and Xanadu Mines. He is currently a director at Ramelius Resources, Aeris Resources, and VHM Ltd.
Q: Why is Mineral Resources undergoing board renewal?
A: The company is strengthening governance and rebuilding credibility following controversies involving its founder and managing director, regulatory investigations by ASIC, and class action proceedings.
Q: What committee roles will the new directors take?
A: Susan Ferrier will chair the Remuneration and People Committee and join the Nomination Committee. Colin Moorhead will chair the Technical Committee and join the Sustainability Committee.
Q: When is the next Mineral Resources AGM?
A: The Annual General Meeting is scheduled for 20 November 2025.
