News

29 November, 2021.

The ASX-listed MRL told shareholders that haulage solutions were key to unlocking stranded assets in the Pilbara and this agreement would provide a cost-effective solution for MRL to develop its Pilbara assets. “We are pleased to have entered into the port and rail agreement with Hancock and Roy Hill. This partnership and infrastructure sharing is the first of its kind in the Australian resources industry and would enable significant value to be unlocked for MRL in a sustainable manner,” said MD Chris Ellison.

The joint venture agreement represents a change of tick by Mr Ellison, who has previously talked up Mineral Resources’ capacity to develop two new export berths with a combined capacity of 40 million tonnes per annum. 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.

Hancock Prospecting outlined its plans for a number of new iron ore developments both at its own 1Bt-plus Mulga Downs deposit and through subsidiary Atlas Iron in its annual report on Friday, in which Rinehart’s company posted an eye-watering $7.3 billion profit for FY2021. MinRes, Hancock and Roy Hill have entered an agreement to jointly investigate the development of a facility at the Stanley Point Berth 3, in which Roy Hill would develop and operate the project including a rail haulage and port services. MinRes boss Chris Ellison said the deal will unlock stranded assets in the Pilbara as the company seeks to transition from higher cost production to low cost, long life assets.

WA mining identities Gina Rinehart and Chris Ellison will join forces in a landmark deal to develop new port facilities at South West Creek in Port Hedland to help unlock stranded iron ore assets in the Pilbara. Mr Ellison described the partnership and infrastructure-sharing deal as the first of its kind in the Australian resources industry. “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.”

Hancock Prospecting Pty Limited (Hancock) and Mineral Resources Limited (MRL) are pleased to announce that they have entered into a legally binding agreement under which they will jointly investigate the potential to develop a new iron ore export facility at the Port of Port Hedland’s Stanley Point berth 3 in South West Creek, where Roy Hill Holdings Pty Ltd (Roy Hill) would provide services to both MRL and Hancock for development and operation of the project, including rail haulage and port services (Project).

“As a business we are wholeheartedly committed to providing support for breast cancer patients and ongoing research into the disease, as well as welcoming women in mining. All of this is driven by the unrelenting passion of Roy Hill Executive Chairman, Mrs. Gina Rinehart, who has directly initiated ideas that have captured the hearts and minds of our people, and wider, such as painting our trucks and locomotives pink, and naming them after those in our business who have suffered cancer,” said Gerhard Veldsman, Roy Hill’s CEO.

The Hancock Prospecting Group posted one of the largest profit margins for private companies in the country with revenue up from $10.5 billion to $16.6 billion. The company paid $2.7 billion in taxes for the year.

It’s Gina Rinehart’s world and we’re just living in it. Hancock Prospecting, majority owned by Australia’s richest person Rinehart, was far and away the most profitable private company in Australia in FY21 and among the most profitable in its corporate history.

Gina Rinehart’s private company has posted an 80 per cent jump in profit on the back of higher iron ore prices while also revealing big gains from its shares portfolio. Hancock Prospecting announced today its net profit after tax had increased to $7.3 billion for the year to June 2021. That’s up from $4.1 billion in the prior year and just $443 million in FY16.

Release date 26 November 2021.

The result for the billionaire’s mining and investment company is just shy of the $8.8bn net cash profit recorded by the Commonwealth Bank, the biggest company on the ASX, for the 2021 financial year. In a statement, Hancock said: “Under its dedicated leadership, Hancock is one of the most successful private companies in Australia’s history, and the most successful private mining and agriculture company in Australia’s history. “It is also one of the most successful private mining companies in the world. Our staff are rightly proud of these achievements.”