Mineral Resources managing director Chris Ellison has netted $22.6 million after selling two million shares on the market at an average price of $11.30.
The sale reduces his indirect holding in the iron ore miner and mining contractor to 25.1 million shares representing a stake of about 13.45 per cent of the company.
The majority of the shares are held in Mr Ellison's private company Sandini Pty Ltd.
MinRes shares have rebounded solidly in the past few months after hitting a 52-week low of $7.99 in July last year.
Shares in the company were off one cent to $11.73 at 10.10am.