News

“I am particularly delighted that Hancock is joining forces with Boawu, the largest steelmaker in the world,” Hancock executive chairman Gina Rinehart said. “Whilst Hancock already has a long-standing successful partnership with POSCO through our Roy Hill mega project, and a great relationship with Chinese companies who helped us deliver the outstanding Roy project, we look forward to enjoying the same successes as we work with Boawu and our friends at AMCI through the studies, development and operations of the Hardey project.”

If ever there was a game of two halves it was iron ore in 2021. The first half of the year was something we’ve never seen before and may never see againProfits and dividends went through the roof. Australia’s biggest five iron ore miners — BHP (ASX:BHP), Rio Tinto (ASX:RIO), Fortescue Metals Group (ASX:FMG), Roy Hill and Mineral Resources (ASX:MIN) paid out $59.5 billion for the year to June 30. Gina Rinehart, Australia’s richest person, banked $3.92 billion from Roy Hill alone, after the 60Mtpa miner delivered $5.6b to shareholders. Hancock Prospecting’s Atlas Iron business, on death’s door as a listed entity a few years ago, raked in more than $900 million profit as Hancock declared a $7.3 billion profit — a record for a private company and larger than three of the four big banks.

Hancock Prospecting said in a statement it was “an opportunity to make this one of the best resorts in Australia, with its special location and white sandy beaches”. Ms Carroll agreed, saying it would be a boon for the region. Ms Carroll was confident Hancock Prospecting would deliver a “truly world-class tourism development” but said there was a long road ahead.

Rinehart and her company Hancock Prospecting signed a development agreement this week to lead a bankable feasibility study on the Hardey project in the West Pilbara owned by the API Joint Venture. “The Hardey project has waited years for the right window to proceed to development,” she said. “We have an outstanding group of partners, and we believe that now is the right time for the Hardey project to be progressed.”

Gina Rinehart has signed an agreement for the “sleeping giant” of iron ore to be exported over the Roy Hill railway and port infrastructure with first shipment set for 2023. Ms Rinehart committed her company, Hancock, to lead and run the project in a signing ceremony with the joint venture partners this week. Gina Rinehart: “We have an outstanding group of partners, and we believe that now is the right time.”

Under the development agreement, Mrs Rinehart’s Hancock Prospecting will undertake a bankable feasibility study. If given final investment approval by the joint venture partners, Mrs Rinehart’s majority owned Roy Hill will develop and operate the project. “The Hardey project has waited years for the right window to proceed to development,” Mrs Rinehart said in a speech at the venture’s signing ceremony. “We have an outstanding group of partners, and we believe that now is the right time for the Hardey project to be progressed.”

But as Australia digests the week that was and contemplates how to better it, it’s worth pointing out that 11 of the 17 gold medals and one bronze came in disciplines in which the living costs of athletes were not covered by their sporting organisations or government funding, but were paid for by one benefactor alone: the country’s richest person, Gina Rinehart.

“A few of us have a few little jobs and most of us are studying or have something outside – obviously that’s important – but it has meant that for us to support ourselves with our rent, bills to pay, that’s where Mrs Rinehart comes in, and we definitely wouldn’t be able to do it without her.”

Finalists in 2021 include Atlas Iron, iCutter Industries and Sandvik. Atlas Iron attracted plenty of attention for its record-breaking contract to Indigenous business East-West Pilbara (EWP) for load and haul, and drill and blast services for the new Miralga Creek mine in Western Australia. The Hancock Prospecting subsidiary saw EWP as the best choice for the job as it is directly connected to the Traditional Owners of the land on which Miralga Creek will operate, the Nyamal people.

The Roy Hill iron ore mine has been selected after it delivered a record equivalent annual run rate of 60 million tonnes in the June quarter of 2021. This was despite a range of restrictions that hampered the wider industry, including inclement weather, COVID-19 restrictions and a skills shortage. New programs at Roy Hill included a new autonomous haulage system, a new crusher and overland conveyor system, and the continuation of the award-winning Wet High Intensity Magnetic Separator (WHIMS).

A very big congratulations to all!

A TECHNOLOGY that uses renewable energy-powered electrolysis at low temperature to convert carbon dioxide into reusable carbon and oxygen has been backed by Gina Rinehart’s Hancock Prospecting. Called Carbelec, the technology is being developed by researchers at the University of Melbourne. Those researchers claim the technology could be a game changer for steel makers.

Iron ore miners and the nation’s banks are carrying the federal budget, with corporate tax figures revealing the assault on big technology companies is failing to deliver huge increases in revenue.Total tax from the mining sector increased to $25 billion in 2019-20, making it the most valuable to the federal budget. Most of it came out of iron ore producers such as Rio, BHP and Fortescue as the iron ore price lifted strongly. In 2015-16, miners paid $6.3 billion.

Hancock Prospecting Chief Executive Officer Garry Korte said the potential benefits of Carbelec should be significant and far-reaching, noting that steel makers could continue to benefit from the reliable and consistent supply of Pilbara ores, while also achieving their decarbonisation goals with both current and emerging steel technologies. “Hancock Prospecting’s pioneering spirit is backed by a strong history of successfully partnering in innovative solutions to meet the needs of customers. We believe Carbelec can be an important part of a future low-cost energy mix, allowing industries such as steel, cement and even current day baseload power generators to continue to lift the living standards of people in Australia and worldwide.”