Announcement | Hancock earn-in with Mt Bevan magnetite project
Hancock Magnetite Pty Ltd (HMPL), a wholly owned subsidiary of Hancock Prospecting Pty Ltd (Hancock), is pleased to confirm that it has entered into an exclusive agreement to earn-in to the Mt Bevan Project. HMPL will make an initial investment of $9M to earn a 30% interest and fund pre-feasibility study costs to earn an additional 21%, taking its cumulative interest to 51%.
Subject to favourable PFS outcomes, further work programs will be conducted to undertake a feasibility study before a final investment decision is made to develop the Mt Bevan Project.
HMPL, has appointed Atlas Iron Pty Ltd (Atlas) a subsidiary of Hancock, to act as the Manager for the Joint Venture.
Hancock’s CEO Mr Garry Korte said “The Mt Bevan project is an excellent opportunity for Hancock to further grow its portfolio in the iron ore business with higher grade, lower impurity iron ore products. We look forward to working with the JV partners Legacy and Hawthorn to undertake the work programs and studies necessary to support a final investment decision.”
Hancock’s Chair Mrs Gina Rinehart stated “Hancock recognises the shortage of staff Australia wide disrupts many projects and delays supplies. We are a supporter of the government changing its policy where pension arrangements are concerned, so that pensioners can work should they so choose, without onerous tax resulting from their decision to work. Hancock is a very patriotic company that supports investment in Australia, primary industries and jobs in WA and Australia. When Mining does well, Australia does well.”
About Mt Bevan
The Mount Bevan project is a joint venture with Legacy and Hawthorn situated 250km north of Kalgoorlie and 100km west of Leonora in the Central Yilgarn region of West Australia. The Project is on a large tenement E29/510, which hosts 1,170 Mt of magnetite resource @ 34.9% Fe.
About Hancock
Built on a long history of pioneering, exploring and investing in Australia, Hancock Prospecting Group is an independent, privately owned Australian company group that has a proud history with the Pilbara region and the iron ore sector, and is one of the longest continuous owners of cattle stations in Australia. Our executive chairman, Mrs Gina Rinehart, founded both national agriculture and related industries day, November 21, and national mining and related industries day, November 22, which recognise these critical industries and the many related industries that depend upon them. The Hancock group is the most successful private group in Australia.
About Atlas
Atlas is an Australian iron ore company, mining and exporting direct-shipped iron ore from its Mt Webber and Sanjiv Ridge (named after Atlas Ceo Sanjiv) mines in the northern Pilbara region of West Australia. Atlas Iron has a portfolio of exploration and development projects across hematite, magnetite, gold, copper and lithium, and with Miralga (iron ore) currently under construction.