News - Hancock Prospecting PTY LTD

Rinehart on the hunt for lithium

Gina Rinehart is expanding into lithium after her company Hancock Prospecting signed a earn-in agreement to explore for the battery metal in Western Australia. The binding earn-in agreement with Legacy Iron Ore and Hawthorn Resources concerns exploration of non-iron minerals at the Mt Bevan project in WA, with a particular focus on lithium. The agreement will see Hancock make an initial spend of $4 million for a 7.5 per cent interest in the project. The company can then fund $22 million of Mt Bevan exploration and development for an additional 43.5 per cent stake.

Rinehart seals deal on lithium jv

The new partnership provides for Hancock — which already has its foot on the junior explorers’ magnetite deposit at Mt Bevan — to make an initial $4m investment to stake a 7.5 per cent claim in the project’s lithium, nickel and copper, with $2.4m paid to Legacy and the rest to Hawthorn. The deal allows Hancock to spend up to $22m more on further drilling, exploration and the funding of a pre-feasibility study to earn a 51 per cent share of those minerals. Hancock’s head of projects, Sanjiv Manchanda, said the pact flowed from a deepening bilateral relationship between Australia and India. “This work will draw on the significant expertise that is now being assembled at (Hancock), which has a mandate to lead the study, design, and development of a globally significant pipeline of projects,” he said.

Gina Rinehart’s Hancock Prospecting seals lithium earn-in deal with Legacy Iron Ore and Hawthorn Resources

Gina Rinehart’s Hancock Prospecting has revealed the terms of a joint venture earn-in deal that will see it partner with Indian miner NMDC to look for lithium and other critical minerals in WA’s Central Yilgarn. Under the terms of the deal, Hancock will spend up to $26 million to earn a 51 per cent stake in a new exploration joint venture at Mt Bevan, 250km north of Kalgoorlie, from Hawthorn Resources and the NMDC-backed Legacy Iron Ore. The Hancock deal — flagged by thewest.com.au on Wednesday — comes just two weeks after Mrs Rinehart met privately with Indian Prime Minister Narendra Modi during his Australian visit.

Hancock confirms WA lithium investment

GINA Rinehart’s Hancock Prospecting could spend more than A$30 million to secure the rights to the full basket of metals at the Mt Bevan project in Western Australia, in addition to an ongoing magnetite joint venture agreement. The Mt Bevan project, 100km west of Leonora, contains 1.17 billion tonnes of magnetite grading 34.9%, but within its 165sq.km borders is the potential for battery metals. Hancock is already earning 51% of the magnetite from Legacy Iron Ore and Hawthorn Resources and has just committed to a three-stage earn in for up to 51% of all other metals, with a focus on nickel, copper and lithium.

Rinehart inks deal to supply India with lithium

Gina Rinehart is a step closer to owning her first lithium mine after striking a deal that could see her emerge with a majority share in operations targeted at supplying India, where she has a strong relationship with prime minister Narendra Modi. Mrs Rinehart’s Hancock Prospecting will pay up to $36 million for a potential 51 per cent in the Mt Bevan project located in a part of Western Australia emerging as a lithium hotspot. Under the deal, signed by Hancock chief executive of group projects Sanjiv Manchanda in Hyderabad, most of any lithium produced at Mt Bevan will be shipped to India as it looks to boost its critical minerals supply chain.

Lithium Pursuit

Hancock in India deal as Japan also taps WA Gina Rinehart’s Hancock Prospecting is readying for a drilling blitz over WA’s Yilgarn minerals belt as part of a new lithium venture with India. The exploration partnership with Indian group NMDC is set to be finalised on Thursday in the miner’s home city of Hyderabad just two weeks after Mrs Rinehart met privately with Indian Prime Minister Narendra Modi during his Australian visit, pictured.

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Explorers go into trading halts ahead of potential lithium deal with Gina Rinehart

Gina Rinehart’s listed partners in a potential lithium joint venture in WA’s central Yilgarn have gone into trading halts ahead of an announcement. The Indian-backed Legacy Iron Ore and Hawthorn Resources flagged news of “a joint venture agreement on the Mt Bevan project”, 250km north of Kalgoorlie.

Roy Hill celebrates ten years with key partners

Roy Hill is celebrating a ten-year partnership with its financing and equity partners, POSCO, Marubeni and China Steel Corporation.The Roy Hill project is the only independent iron ore operation in the Pilbara with majority West Australian ownership. At the time in which the joint venture agreement was created, it made history as one of the most significant projects for its time.“Our partners and everyone who has been involved in Roy Hill can be extremely proud they have built Roy Hill from a project into one of the best mining companies in Australia.”

Hancock hits out at policy barriers to export growth

Australia’s most successful private company – which made the AFR Fast Global list with almost 18 per cent revenue growth over the past three years – has a pipeline of magnetite and other projects aimed at boosting the iron ore exports. Hancock executive director Tad Watroba says the world will need more iron ore than ever before to hit global targets in renewable energy, but government policies were a barrier to boosting production. “Iron ore is critical to the modern world, and by all assessments global demand for iron ore and steel is only going to increase in the coming decades,” he says.

Roy Hill celebrates a decade

“We are especially proud to lead the industry with our representation of women and our support for veterans. “Our partners and everyone who has been involved in Roy Hill can be extremely proud they have built Roy Hill from a project into one of the best mining companies in Australia,” said Rinehart. The mine is estimated to have made more than A$13-billion in net profits over the last two years, with the project already having paid off its A$10-billion debt in full.

Rinehart warns of barriers to more mines under Rio partnership

Hancock Prospecting says it wants Rio Tinto to open new mines under a long-standing partnership as it moves to boost iron ore production, but warns the Albanese government’s policies are posing a threat to investment. The resources group, owned by billionaire businesswoman Gina Rinehart, said the government had put in place “necessary” barriers delaying the development of new projects under the Hope Downs partnership that so far involves the Hope 1, Hope 4 and Baby Hope mines in Western Australia.