Six months ago, Chris Ellison, the head of Mineral Resources (MinRes), made waves with a bold PowerPoint presentation, where he confidently compared his company to tech giant Apple. Back then, MinRes’ stock was sitting pretty at $83.90, fueled by its strong performance in iron ore and lithium markets. But today, things look very different. The company’s stock has plummeted to $40.60, a steep drop that highlights just how brutal the market can be.

While the broader downturn in iron ore and lithium prices has hit many players in the industry, Ellison and MinRes are feeling the pinch even more, thanks to a heavy debt load—a concern that was raised by critics months ago. It’s a situation that echoes the struggles of fellow mining magnate Andrew Forrest, who knows all too well that when debt spirals, tough choices have to be made.

Ellison is already making some of those tough choices. The Yilgarn iron ore mines in Western Australia are being shut down, the Wodgina lithium project is on hold, and more than 1,000 jobs are either at risk or already gone. Even the company’s dividend, which has been paid out reliably for a decade, is now in jeopardy as Ellison works to stabilize the balance sheet.

Despite the financial pressures, Ellison remains publicly optimistic. He’s assured investors that he’s confident in MinRes’ ability to manage its debt and continue delivering strong returns. However, his confidence hasn’t stopped him from making significant cuts in spending—though one project remains curiously untouched: his plan to start MinRes Air, a new airline venture. This move has raised some eyebrows, especially given the current economic climate.

Adding to the intrigue, a job ad recently appeared online, posted by Helison Pty Ltd, a private entity owned by Ellison. The ad is seeking a “private/corporate helicopter pilot” to fly an “immaculate” Bell 429 helicopter based in Fremantle. The ideal candidate should be “personable, flexible, and discreet,” with a passion for fishing and boating, as the job involves frequent trips around Perth and to more remote locations like the Kimberley and Montebello Islands.

This ad suggests that, despite the financial strain on MinRes, Ellison is determined to maintain his personal lifestyle, including his well-known short helicopter commutes between MinRes’ Osborne Park headquarters and his home in Eagle Bay, Margaret River.

As MinRes grapples with these challenges, it’s hard not to notice the contrast between the company’s tightening belt and Ellison’s ongoing personal endeavors. While workers face layoffs and projects are shelved, Ellison’s helicopter keeps flying—a reminder of his persistence and determination, even when the going gets tough.