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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.

3rd February 2022.

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.”

This afternoon, the state government unveiled the long-awaited port capacity plan for Port Hedland, with total capacity rising to nearly 700 million tonnes per year, including 660mt for iron ore exports. Hancock Prospecting executive chairman Gina Rinehart said today’s confirmation of additional port capacity at South West Creek was the product of tireless work to expand capacity at the revenue earning port. She said the decision promised to unlock a suite of growth assets, some of which would have otherwise been stranded, to bring more jobs, revenue and opportunities to WA. Mineral Resources managing director Chris Ellison echoed her sentiments and said the development would allow the company to develop pit-to-port solutions and expand its ability to be a long-term, low-cost supplier of iron ore to international markets.

Mineral Resources and Gina Rinehart’s Hancock Prospecting have won the battle for the right to build a new shipping berth at Port Hedland, as Western Australia flags a huge expansion of the world’s biggest iron ore port that could add more than $20bn to iron ore export earnings a year.Mrs Rinehart said on Tuesday she was “delighted” by the state government’s decision. “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,” she said.

Australia’s most lucrative export industry will be able to dramatically increase shipments of iron ore after a long-awaited review of Port Hedland found its potential was 41 per cent higher than its officially licensed export capacity.Gina Rinehart’s Roy Hill, Andrew Forrest’s Fortescue Metals and BHP Group have emerged as winners from the Western Australian government review, with those three exporters told their port allocations were likely to be increased by 25 per cent when the plans are finalised later this year.