Case Study

Mineral Resources

Leading Australia-based mining services and processing company.

"TDM is the ultimate shareholder, and your contribution has added so much to our business, our reputation, and the way we are perceived by some very high-quality investors. Your support is invaluable."


Mineral Resources (ASX:MIN) is a leading Australia-based diversified resources company, with operations across mining services and processing, lithium, iron ore and natural gas.

TDM has owned shares in Mineral Resources since their IPO on the ASX in 2006. Upon early engagement with management, it became obvious that they had built a unique business in a historically challenging industry and that that the complexity of their business model shadowed the potential for long-term value creation.

Having been invested since 2006, we have built a fantastic and collaborative relationship with management and played a role in articulating Mineral Resources’ unique build-own-operate value proposition to the market.


Mineral Resources is one of Australia’s great entrepreneurial stories to emerge, having grown from a market capitalisation of $120m in 2006 to over $14b today. This is off the back of becoming the world’s best designers and operators of ore-crushing facilities and innovators in cost effective mining solutions. Including dividends, the investment is up over 94x from our initial purchase price.

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People and Culture

We loved that Mineral Resources had a founder-led management team that owned a significant portion of the business. We found that they uphold our own values: investing over the long term, owner-led passion, and prioritise team and culture above all else.

Importantly to us, they exhibited a mindset of hustling for every dollar, humility, and a focus to develop significant competitive advantages over time. Chris Elison has proved himself to be one of Australia’s greatest ever capital allocators and entrepreneurs.

Competitive Advantage

Our primary framework for assessing competitive advantage is Hamilton Helmer’s 7 Powers. Find further details in our Four Pillars Framework.

Mineral Resources innovation across their business units has enabled them to build and operate their owned and contracted sites significantly faster and more efficiently that any of their competitors. This has enabled the company to be close to the bottom of the cost curve for much of its life.

Over time, Mineral Resources has captured more of the value chain, moving upwards form being a contractor of services to owning and operating their own mines, including Australia’s largest lithium mine in Wodgina.

Many of Mineral Resources contracts are for between 10 and 20 years. This allows the mining services earnings profile to look more like an infrastructure company than a mining company.




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