News

Western Australia’s pandemic defying resources boom will be immortalised for future generations through the establishment of a $750 million community investment fund backed entirely by some of the State’s biggest mining companies. Six industry giants have already committed substantial sums of cash to the Resources Community Investment Initiative: Rio Tinto and BHP ($250 million each), Hancock Prospecting ($100m), Woodside ($50m), Chevron ($50m) and Mineral Resources ($50m). Mr McGowan said the idea was sparked around the time of his Government’s $50m commitment to the Aboriginal Cultural Centre — a funding pledge later matched by the Albanese Government before May’s Federal election.

That this State has been blessed with a great bounty of natural resources is a wonderful gift. Through flukes of geology and the hard yakka of generations of miners, WA has established itself as one of the world’s strongest economies.
Now it looks like it will help us dodge the turmoil wreaking havoc in other major economies around the world. However, one of the shortcomings of a resources-dependent economy such as ours is its boombust nature. When times are good, money flows and everyone benefits. Hancock Prospecting has committed $100m while Woodside, Chevron and Mineral Resources have chipped in $50m apiece.

Western Australia’s Labor government has leant on mining and oil and gas companies to create a billion dollar-plus “community investment fund” with a big chunk of the funds earmarked for an Aboriginal cultural centre in the centre of Perth. The fund already has commitments of $750 million thanks to donors that include Gina Rinehart’s Hancock Prospecting, which is reported to have kicked in $100 million.

21 November 2022.

Australian mining billionaire Gina Rinehart has been celebrated for her outstanding leadership journey after being crowned WA Pinnacle Awards’ Business Leader of the Year. Judges on Thursday night acknowledged Mrs Rinehart’s transformation of Hancock Prospecting from a company with significant potential, to a top-tier firm employing thousands of people in WA. She was also recognised for making a positive impact on the wider community, through her contribution in education, medicine and sports, and for contributing to the transformation of the iron ore industry.