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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.

Commenting on the Senex scheme approval Mrs Gina Rinehart AO, Chair of the Hancock Group of Companies said, “I am delighted with the Senex approval which is the largest Hancock investment in the energy sector. We believe that the energy sector, fundamental to maintaining our businesses and standard of living, has an important future given policies have caused the lack of investment in many areas which has already caused energy prices worldwide to rise. Recent events in Europe have served as a stark reminder underlining the criticality of energy security.”

Executive Chairman Gina Rinehart recognised for Lifetime Achievement Award. 17 March, 2022.

17th March, 2022.

Shareholders will vote on the deal in March, with the Senex Board recommending its shareholders to vote in favour of the deal. Each member of the board intends to vote all shares they own in favour of the deal. If successful, the deal is subject to be completed in March and POSCO previously announced that Gina Rinehart’s Hancock Energy will grab a 49.9 per cent stake, however, this is not a condition to the scheme going ahead.

Billionaire Gina Rinehart and South Korea’s Posco International have won control of Senex Energy following a shareholder vote with the Queensland gas producer forced to defend the value of the deal amid a rapid surge in oil prices. Hancock first approached Posco about a joint tilt for the gas producer after buyout talks were made public with the duo already partners in Ms Rinehart’s Roy Hill iron ore mine in Western Australia’s Pilbara.

Senex Energy has ended its 37-year stint on the ASX boards, with a majority of shareholders approving the $900 million takeover of the east coast oil and gas company amid the global turmoil in energy markets.