Mineral Resources (ASX:MIN) said that the penalties imposed on its Managing Director and and founder Chris Ellison, are both sufficient and appropriate, following a review of its governance matters by its Ethics and Governance Committee, according to a Thursday filing with the Australian bourse.

Ellison has now paid the AU$3.8 million penalty, the filing said.

The company said its selection process for a new Board Chair is well-advanced and it expects to make an announcement on the appointment in the June quarter.

Shares of the company rose 7% in recent Thursday trade.