Mineral Resources Limited (ASX:MIN) boss Chris Ellison has ruled out a potential buyout attempt on lithium miner Liontown Resources Limited (ASX:LTR) or a spin-off of its own lithium operation. The highly regarded billionaire who has built Mineral Resources into a $14 billion resources powerhouse, said he was yet to have a discussion with management of Essential Metals Limited (ASX:ESS) about his intentions for the company after amassing a major stake in the business. Speaking to DataRoom after his presentation at the Macquarie Australia Conference, Mr. Ellison said Essential Metals was highly strategic for its business.

"We are yet to have a discussion with management," he said. "We don't want to be aggressive. "We want to work with them." Mineral Resources last month thwarted a buyout attempt of Essential Metals by acquiring 19.55% of the company then voting against a 50c-a-share buyout proposal by IGO and Tianqi.

Mr. Ellison said he was uncertain whether MinRes would bid for Essential Metals and may carry out a farm in agreement over its mining opportunities. Mr. Ellison said on the sidelines of the conference when asked about speculation that MinRes was considering a spin-off in the US of its lithium business through JPMorgan, that it was never under any serious consideration by the company.