News

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.”

Media Announcement 14 December 2021.

Christmas 2021.

Chris Ellison-led Mineral Resources has struck an agreement with Gina Rinehart’s Hancock Prospecting to jointly pursue the development of a new iron ore export berth at Port Hedland’s South West Creek. The agreement proposes that Hancock subsidiary Roy Hill Holdings, which already operates two berths at South West Creek, would help develop the new berth and provide rail haulage and port services. The agreement will likely make it easier for the state government and the Pilbara Ports Authority to assess multiple competing applications for increased capacity at the famously congested inner harbour at Port Hedland.

Gina Rinehart is winding up a record year for her diversified business empire with a deal to buy nearly half of Australian gas producer Senex Energy in a $900 million partnership with South Korea steel giant Posco. Ms Rinehart’s flagship, Hancock Prospecting, notched a sharply increased record $7.3 billion profit for the year to June 30, underscoring its emergence as one of the country’s most profitable companies. The performance mainly reflected her $4b share of Roy Hill’s dividends.

Speech by Executive Chairman Mrs. Gina Rinehart, Thursday 2 December 2021.

MINERAL Resources has locked in port and rail agreement with Hancock Prospecting, ensuring it can export iron ore from its assets in Western Australia’s Pilbara that were once considered stranded. MinRes and Hancock announced the agreement on November 29, which will involve the development of an iron ore export hub at the Port Hedland Standley Point Berth 3, in South West Creek. “Our long-stated strategy is to transform from short-life, high-cost mines to lower-cost, longer-life operations underpinned by innovative infrastructure solutions.”

While co-operation among Pilbara iron ore miners is rare, MinRes has an existing relationship with Hancock via its mining services division. “We look forward to working with Hancock, Roy Hill, PPA and the state government to progress this project which would help unlock stranded assets in the Pilbara and would create thousands of jobs for West Australians for years to come,” Ellison said.

Ellison said yesterday the agreement with Hancock and Roy Hill was the first of its kind in the Australian resources industry. “Our long-stated strategy is to transition from short-life, high-cost mines to lower-cost, longlife operations underpinned by innovative infrastructure solutions,” he said.

30 November, 2021.

Mineral Resources’ infrastructure agreement with Roy Hill and Hancock Prospecting could enable the ASX-listed miner to develop stranded iron-ore resources such as its Marillana project, Macquarie says. “A development of Marillana and the infrastructure agreement presents upside risk to our base-case earnings and valuation for MIN,” says Macquarie, which doesn’t factor that project into its base case for Mineral Resources at present