News

WA mining billionaire Gina Rinehart has pressed the button on a $9 million investment that could result in a multi-billion-dollar magnetite project in the Yilgarn region shipping high-grade iron ore products to India. The company announced on Thursday that its subsidiary Atlas Iron had been appointed as the manager of the joint venture project and would conduct the study. Hancock chief executive Garry Korte said the project offered an excellent opportunity for Hancock and could provide options for additional higher grade, lower impurity iron ore products.

Hancock Prospecting’s plan to earn-in to a slice of a Yilgarn magnetite project is proceeding, with the deal finalised just days after a new trade agreement with India. It will fund a pre-feasibility study, with Atlas Iron – owned by Hancock – to be the manager of the joint venture. Hancock chief executive Garry Korte said the business looked forward to collaborating with joint venture partners on the feasibility study.

“This is an excellent opportunity for Hancock and could provide options for additional higher grade, lower impurity iron ore products.” “The Mt Bevan project provides the basis to expand the iron ore business with Atlas growing its project capacity and expertise to support these large and complex undertakings,” Atlas CEO Sanjiv Manchanda said. “We look forward to collaborating with our joint venture partners as Atlas works on the PFS,” Hancock CEO Garry Korte said.

Mrs Rinehart’s Hancock Prospecting will take a 30 per cent stake in the Mt Bevan magnetite project west of Leonora under an agreement with joint venture partners, the Indian Government-controlled Legacy Iron and junior explorer Hawthorn Resources. Hancock chief executive Garry Korte said the project offered an excellent opportunity for Hancock and could provide options for additional higher grade, lower impurity iron ore products. The company announced on Thursday that its subsidiary Atlas Iron had been appointed as the manager of the joint venture project and would conduct the study.

Gina Rinehart confirms bet on high grade iron ore with magnetite mine buy. Hancock will pay $9m for a 30% interest and can increase that to 51% by fully funding a PFS.

7 April, 2022.

We Australians are living in a fool’s paradise when we let water that could be nourishing cattle and food crops flow wastefully into the ocean. We are already producing the world’s best beef thanks to outstanding companies like Stockyard, AAco, Stanbroke, and Gina Rinehart’s Hancock Agriculture. With more dams, more mines and more gas, Australia could become a food and energy superpower.

The acquisition comes after the Federal Court of Australia March 18 approved a scheme of arrangement for POSCO to acquire 100% of the issued shares in Senex via subsidiary K-A Energy 1 Pty Ltd, which is owned 50.1% by POSCO and 49.9% by Australia-based Hancock Energy Corporation Pty Ltd, a wholly owned subsidiary of Hancock Prospecting Pty Ltd. The takeover is valued at around A$845.2 million ($623.4 million), based on POSCO’s offer of A$4.60/share and a share balance of 183.74 million ordinary shares posted for the Australian fiscal year ended June 30, 2021.

South Korea’s top steelmaker POSCO Co. and Hancock Prospecting Pty Ltd, a leading Australian mining firm, are slated to collaborate in low-carbon steel material manufacturing. The partnership is to build a foundation for a hydrogen-based steelmaking process and carbon neutrality. POSCO is also partnering with Hancock for multiple projects in Australia. The two firms and other partners have embarked on a feasibility study on the Hardey iron ore project in the West Pilbara owned by the Australian Premium Iron (API) joint venture, according to industry sources on March 10.

 Energy Minister Angus Taylor will warn the energy crisis facing Europe could happen in Australia unless new gas fields are opened up as he unveils budget funding to accelerate the development of seven projects. “Bills have skyrocketed, energy retailers have closed, factories have been mothballed, and families have been forced to choose between eating or heating,” Mr Taylor will tell the conference. “The energy crisis in Europe should act as a warning of what could happen in Australia if there is not enough investment in the gas sector here.”

Roy Hill’s iron ore mine in the Pilbara has taken home Australian Mine of the Year at the 2021 Prospect Awards after the awards night took place in Brisbane on Thursday. The Hard Rock Mine of the Year also went to Roy Hill’s iron ore operation while Hancock Prospecting executive chair Gina Rinehart was awarded the Lifetime Achievement Award. It comes after Rinehart was appointed an Officer of the Order of Australia (AO) in the General Division, as part of the Australia Day 2022 Honours list.