News

NOT content with weighing into the Australian gas market, most recently with a circa A$250 million bid for Perth Basin explorer Warrego Energy, Gina Rinehart has now dealt herself into the rare earth elements space. Arafura Rare Earths has just completed a A$121 million placement to accelerate development of its Nolans project in the Northern Territory with Rinehart’s Hancock Prospecting taking a cornerstone stake. Hancock has paid $60 million for a 10% interest in Arafura, one of a number of new shareholders buying into the company as it prepares to start development as one of a new generation of Australian REE producers.

Gina Rinehart’s Hancock Prospecting has grabbed a big stake in Arafura Rare Earths amid a flurry of corporate activity from the iron ore billionaire, who is intent on increasing her private company’s footprint in green minerals as well as winning a takeover battle for Warrego Energy. The investment was announced on Monday as Warrego confirmed Hancock had gained the upper hand over Kerry Stokes-backed Beach Energy in the rapid-fire takeover battle for the Perth-based company.

Gina Rinehart’s money-making machine Hancock Prospecting is again splashing the cash, this time taking a cornerstone stake in Arafura Rare Earths’ $121 million capital raising. Hancock has emerged with a 10 per cent stake in Arafura, which is advancing its $1.6 billion Nolans Creek project in the North Territory, after tipping $60m into the discounted placement offering.

Gina Rinehart’s Hancock Prospecting makes most of its money from iron ore, but appears to be diversifying, according to reports. After Arafura Rare Earth last week called for $121 million for its Nolans project in the Northern Territory, Hancock is understood to have committed to investing $60 million. The bid caused brokers Bell Potter and Canaccord Genuity to shut the books early last Friday. The Nolans project marks a major boost for the NT, helping to secure it as one of the world’s only sources of important critical minerals. The minerals mined from the Nolans project can be used to make technological devices like mobile phones, televisions and computer monitors.

Executive Chairman Gina Rinehart, CEO Garry Korte, Roy Hill CFO Greg Hawkins, and Roy Hill partners, enjoying the annual Roy Hill Christmas ball. Held along the banks of the Swan River. The theme, “Arabian nights”.

Volleyball Patron Mrs. Gina Rinehart AO, and on behalf of the Hancock Prospecting Group, wish all competitors the very best for an exciting tournament.

2 December 2022.

Gina Rinehart has taken barely seven hours to return fire at Beach Energy, adding a $61 million sweetener to better its rival suitor’s bid for Warrego Energy. In a clear statement of intent, Mrs Rinehart’s Hancock Prospecting did not even wait out the day before announcing an increased offer of 28¢ a share for Warrego, escalating a takeover battle for the Perth Basin gas play that has its shareholders celebrating.