Hancock Prospecting subsidiary Atlas Iron has announced its Miralga Creek iron ore mine in Western Australia has achieved first ore earlier than expected. “We are pleased to have reached this significant milestone with the first trucks leaving for port,” Atlas Iron chief executive officer Sanjiv Manchanda said. Miralga Creek is expected to produce 8-million tonnes of iron ore over the three-to-four years lifetime of the mine.
Atlas Iron’s Miralga Creek mine has produced its first iron ore, with the project built by a joint venture including Indigenous contractor East West Pilbara. Atlas is part of the Hancock Prospecting business of entrepreneur Gina Rinehart, and operates two other iron ore mines at Mount Weber and Sanjiv Ridge. Atlas chief executive Sanjiv Manchanda said it was a significant milestone. “The EWP contract shows how commercial relationships can provide pathways for joint prosperity as they deliver value for both parties and are linked to a productive enterprise,” he said.
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Mrs Rinehart and Hancock Prospecting Pty Ltd have been made aware today of fake social media posts and associated news stories alleging that Mrs Rinehart has invested $5,000,000 into a start-up crypto currency platform. It claims it can make you rich in 7 days. Mrs Rinehart has not made the alleged investment or recommendations or quotes set forth in these adverts. This is a scam designed to use Mrs Rinehart’s positive corporate image to lure people in to invest.
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Unexpectedly resilient iron ore prices have WA on track to double the projected 2021-22 Budget surplus to nearly $5 billion and hand the McGowan Government a second consecutive cash bonanza. That comes after WA banked a record $5.84 billion surplus last financial year – the biggest ever by any State – which also came largely off the back of staggering iron ore prices. Every other State and Territory has pencilled in big deficits for the current financial year, headlined by NSW and Victoria at $19.5 billion each.
Mid-tier iron ore players Mineral Resources and Gina Rinehart’s Hancock Prospecting have been awarded valuable port capacity to export iron from WA’s Pilbara region, with established players also receiving boosts. The world’s largest bulk port at Port Hedland will expand to be able to export 660 million tonnes a year of iron ore after the WA government on Tuesday endorsed a development plan. Mrs Rinehart said she was very excited about obtaining the port capacity. “This will unlock a suite of growth assets, some of which would have otherwise remained stranded assets,” she said.
MinRes managing director Chris Ellison described the announcement as a key milestone in its strategy to unlock stranded deposits. “We look forward to working with the state government, the Pilbara Ports Authority, our valued partner Hancock and Roy Hill to progress this project,” he said. Hancock chair Gina Rinehart described the news as “very exciting”. “We are uniquely placed to fast track the delivery of critical port infrastructure by leveraging off and integrating with existing facilities and tenure,” she said. “This will unlock a suite of growth assets, some of which would have otherwise remained stranded assets, to bring jobs, revenue and opportunities for West Australians.”
Hancock Prospecting Group executive chairman Gina Rinehart said she looks forward to continuing to work alongside MRL, the State Government and PPA to advance the project as soon as possible. “We are uniquely placed to fast track the delivery of this critical port infrastructure by leveraging off and integrating with existing facilities and tenure,” she said. “This will unlock a suite of growth assets, some of which would have otherwise remained stranded assets, to bring more jobs, revenue and opportunities to West Australians. “We are delighted that the WA Government and Minister for Ports Rita Saffioti have provided their support to this important development, and would like to warmly congratulate all involved.”
