MinRes - Mineral Resources acquired AVWest FIFO Pty Ltd's 50% stake in MinRes Air Holdings Pty Ltd during the second half of 2024, giving the mining group full control of MinRes Air (ML, Perth International), the Australian Financial Review newspaper reported, citing two sources familiar with the accounts.
MinRes recorded a AUD10 million Australian dollar (USD7 million) payment for the "acquisition of additional interest in controlled entities" in its half-year report. The filing classified the payment as a transaction with non-controlling interests but did not identify the entity or seller.
MinRes' financial year (FY) 2024 report showed that it owned 50% of MinRes Air Holdings and its MinRes Air Aircraft, MinRes Air Facilities, and MinRes Air Flight Operations subsidiaries. Its FY2025 report listed all four companies as wholly owned.
In 2024, The West Australian newspaper reported that AVWest FIFO relinquished its holding in October that year. Later that month, MinRes' board disclosed governance shortcomings involving managing director Chris Ellison and announced stronger controls for conflicts of interest and related-party transactions.
Neither MinRes nor AVWest FIFO's owner, Tim Roberts, has disclosed why the company withdrew from the airline venture, but ch-aviation has reached out to them for comment.
Roberts is a former MinRes director. Previous ch-aviation reporting, based on Australian corporate records, found that he wholly owned AVWest FIFO, which was separate from his wider AVWest (Perth International) aviation services group.
MinRes established the airline to control the timing of fly-in-fly-out services and reduce downtime during workforce changes. Ellison told investors in February 2025 that the operation was saving the group tens of millions of Australian dollars annually.
MinRes Air operates one A319-100 and three A320-200s, according to ch-aviation data. It obtained its air operator's certificate in November 2025.
