Hancock Prospecting is excited to announce that it has been awarded the Raw Materials & Mining Industry Leadership Award at the 2018 S&P Platts Global Metals Awards in London.
In its sixth year, the S&P Platts Global Metals Awards recognizes top performers, industry leaders and innovators in metals and mining sectors.
This year’s win follows on from two wins last year at the 2017 S&P Platts Global Metals Awards where Mrs Rinehart was presented with the Lifetime Achievement Award for her outstanding leadership in the mining and resources sector, and Roy Hill received the Rising Star Company Award.
Hancock Prospecting CEO Garry Korte was also recognised at this year’s 2018 awards being nominated in the CEO of the Year category by Mrs Rinehart, but unfortunately, perhaps with Garry’s short tenure as CEO, this was awarded to another company. He did however, while CFO of Roy Hill, receive a prestigious award in Australia for the Roy Hill financing, in which he played an integral role. This financing involved the world’s largest debt funding package for a mainly greenfield, land based mining project, from 19 of the world’s largest banks and 5 export credit agencies.
At the annual black tie occasion, the judges made reference to Hancock Prospecting’s considerable efforts and the turn around the company has undergone thanks to the leadership, dedication and effort of Executive Chairman Mrs Rinehart.
Today, Hancock has a 50 per cent stake in three major iron ore mines at Hope Downs, with a fourth due to open in approximately 4 months’ time, and also founded, progressed and owns a majority stake in Roy Hill, the single largest iron ore mine in Australia.
Hancock has also continued to grow and diversify its mining business investing overseas in UK-based Sirius Minerals and prospective tenements in South America.
Finally, HPPL would also like to extend its warmest congratulations to POSCO for being recognised last night at the prestigious S&P Global Mining and Metals black tie event scooping two awards, the Corporate Social Responsibility and the coveted Mining and Metals company of the year gong. We would also like to congratulate our Hope Downs partners, Rio Tinto, were also recognised with an award for their work in the industry.
“The impressive story continues,” observes a judge. Hancock Prospecting operates major mining projects in Western Australia and Queensland. Its Roy Hill project, an iron ore mining, rail and port operation in the Pilbara region, received last year’s Rising Star award, and company chairman Georgina Rinehart took home a Lifetime Achievement Award. Now this “substantial organisation” and “big producer” has come of age, with Roy Hill solidly on track to be Australia’s single largest iron ore mine.
Work at Roy Hill, the company’s flagship endeavour, began in 2012 and shipped its first product in 2015. It ranks as one of the fastest construction start-ups of any major greenfield resource project in Australia. In 2014, the $10 billion development received $7.2 billion in funding, a the time the largest loan on record for a mining project.
After orchestrating the venture’s powerful debut, Hancock deftly managed it through a series of inevitable growing pains. Roy Hill launched with a production target of 55 million tons a year, but it encountered harder-than-expected ore, causing wear to the system and a corresponding series of delays. The company rallied with a new jaw-crushing system and met its target in late 2017. Judges lauded its “quick financial turnaround” and “swift execution” as the company improved its revenue stream “in record time.”
Hancock “overcame diversity and delivered quickly,” reflected a judge. The panel concurred that Roy Hill is another enthralling chapter in Hancock’s larger story of “successful projects with consistent increase in production.”
