News

Australia’s richest person Gina Rinehart will end up with roughly 10% of Arafura Rare Earths Ltd by pumping a massive $60 million into the rare earths developer, underlining the excitement around the development of its Nolans Project. The iron ore magnate, whose private company announced a massive $5.8 billion profit last week and spearheaded the construction of the US$7 billion Roy Hill iron ore mine, will tip in almost half of the $121 million firmly committed to a placement to accelerate the Nolans’ development schedule.

Gina Rinehart’s Hancock Prospecting has become the latest mining major to join the queue in rare earths, taking a 10 per cent stake in Northern Territory hopeful Arafura Rare Earths. Hancock has taken a cornerstone $60m stake in Arafura as part of a $121m placement at 37c, which will eventually give Ms Rinehart’s family company a stake worth about 10 per cent of the rare earth project developer.

It was a fantastic night for all of the rowing community to come together and celebrate the successes from the 2022 season at the Hancock Prospecting Rower of the Year Awards held in Penrith, NSW on Friday 2 December 2022. Rowing Australia President, Rob Scott also added, “I also want to reiterate that we continue to be grateful for the ongoing support of everyone in our sport that enables us to succeed. From our fantastic sponsors, which includes the vital support of Hancock Prospecting, to our selfless rowing community. Congratulations to all our award winners.” 

Gina Rinehart has moved to shake up the leadership team behind her money-spinning iron ore interests in the Pilbara. Mrs Rinehart’s Hancock Prospecting will reportedly install a single boss to oversee both her Roy Hill and Atlas Iron interests, with current Roy Hill chief executive Gerhard Veldsman to become chief executive of group operations. The changes will take effect from the end of January. Cashed-up Hancock has also been busy shoring up its interests away from iron ore, with big plays in the gas and rare earths industries. Hancock is now the frontrunner in an intensified bid for Warrego Energy after gazumping an offer from fellow suitor Beach Energy.

Gina Rinehart has unveiled a major shake up in the running of Hancock Prospecting’s core iron ore businesses as it targets a boost in production to 100 million tonnes a year. The leadership re-set at Australia’s most successful private company comes as it looks to lift production at the flagship Roy Hill mine, add new mines to the Atlas Iron operations and build export facilities at Port Hedland under a partnership agreement with Chris Ellison’s Mineral Resources. The changes show Mrs Rinehart has no intention of taking her eye off the ball in iron ore while Hancock pursues acquisitions and major investments in onshore gas and green minerals.

Gina Rinehart’s private business has made two significant moves in rare earths in the Northern Territory and natural gas in the Perth Basin, near the WA capital. Monday saw Ms Rinehart’s company emerge with a 10% stake in Arafura Rare Earths after it coughed up just on half of Arafura’s $121 million raising to develop the Nolans rare earths mine in the NT. Meanwhile, Ms Rinehart and her advisers have shown the benefit of moving aggressively and tactically to take a potentially winning position for control of Warrego Energy, a company with a half interest in a WA gas field with no production as yet but plenty of potential.