Group Executive News
Discover the latest news and updates from Hancock Prospecting Group.
Pensioner Reform Policy Briefing & National Seniors Australia let pensioners work campaign | Link
This campaign will fight for a retirement income system based on principles of adequacy, sustainability, certainty and fairness.
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State’s $5b ore inspiring surplus
Unexpectedly resilient iron ore prices have WA on track to double the projected 2021-22 Budget surplus to nearly $5 billion and hand the McGowan Government a second consecutive cash bonanza. That comes after WA banked a record $5.84 billion surplus last financial year - the biggest ever by any State - which also came largely off the back of staggering iron ore prices. Every other State and Territory has pencilled in big deficits for the current financial year, headlined by NSW and Victoria at $19.5 billion each.
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Tattarang surges to hit $5bn revenue
Hancock had net assets of $20.4 billion at June 30 while its gearing ratio (debt to equity) has been cut from 55 per cent to 1 per cent over the past three years. That gives it enormous capacity to pursue expansion. This would include a rail spur linking to the Roy Hill railway, which carries nearly 60mtpa to Port Hedland. Hancock’s wholly owned subsidiary, Atlas Iron, is also focused on growth, with its 10mtpa McPhee Creek project progressing through a feasibility study.
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Rinehart progresses Hardey iron ore
“I am particularly delighted that Hancock is joining forces with Boawu, the largest steelmaker in the world,” Hancock executive chairman Gina Rinehart said. “Whilst Hancock already has a long-standing successful partnership with POSCO through our Roy Hill mega project, and a great relationship with Chinese companies who helped us deliver the outstanding Roy project, we look forward to enjoying the same successes as we work with Boawu and our friends at AMCI through the studies, development and operations of the Hardey project.”
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Rinehart backs carbon tech play
A TECHNOLOGY that uses renewable energy-powered electrolysis at low temperature to convert carbon dioxide into reusable carbon and oxygen has been backed by Gina Rinehart’s Hancock Prospecting. Called Carbelec, the technology is being developed by researchers at the University of Melbourne. Those researchers claim the technology could be a game changer for steel makers.
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Infrastructure Deal Could Help Mineral Resources Develop Marillana
Mineral Resources' infrastructure agreement with Roy Hill and Hancock Prospecting could enable the ASX-listed miner to develop stranded iron-ore resources such as its Marillana project, Macquarie says. "A development of Marillana and the infrastructure agreement presents upside risk to our base-case earnings and valuation for MIN," says Macquarie, which doesn't factor that project into its base case for Mineral Resources at present
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Mineral Resources (ASX:MIN) enters agreement with Hancock and Roy Hill
Mineral Resources (MIN) has entered into a rail and port agreement with Hancock Prospecting and Roy Hill.“Our long-stated strategy is to transition from short-life, high-cost mines to lower-cost, longlife operations underpinned by innovative infrastructure solutions. Developing our stranded assets will provide additional growth for MIN’s unique mining services build-own-operate model.”
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Rinehart and Ellison join forces to create new iron ore export hub
Hancock Prospecting outlined its plans for a number of new iron ore developments both at its own 1Bt-plus Mulga Downs deposit and through subsidiary Atlas Iron in its annual report on Friday, in which Rinehart’s company posted an eye-watering $7.3 billion profit for FY2021. MinRes, Hancock and Roy Hill have entered an agreement to jointly investigate the development of a facility at the Stanley Point Berth 3, in which Roy Hill would develop and operate the project including a rail haulage and port services. MinRes boss Chris Ellison said the deal will unlock stranded assets in the Pilbara as the company seeks to transition from higher cost production to low cost, long life assets.
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6PR Interview | Liam Bartlett speaks with Dean Nalder
Discussion in relation to Gina Rinehart suggested innovations of change to the aged pension system.
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Mining magnate Gina Rinehart backs changes to age pension system to keep older workers on the job
“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.”
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Interview with National Seniors Australia Chief Advocate Ian Henschke.
Henschke says he was pleased to see Gina Rinehart has come out and talked about this, noting business leaders watching them tonight are saying they need the workers to be able to do the jobs they require at the moment.
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Remembrance Day |
11 November 2021
They shall grow not old, as we that are left grow old: Age shall not weary them, nor the years condemn. At the going down of the sun and in the morning. We will remember them.
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A million reasons to smile
Roy Hill employees have banded together to donate $1 million to iconic Western Australian children’s charity Telethon in 2021. Across our operations from Perth to the Pilbara, and with the support and generosity of our Executive Chairman, Mrs Rinehart, we’re delighted to support the Telethon Trust and the amazing organisations who benefit from their funding. The donation has been made possible through a unique program called the Chairman’s Profit Share (CPS). Initiated by Mrs Rinehart, the CPS is designed to recognise and reward staff for their contribution to business performance, so when Roy Hill does well, our people do well.
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Vale and Asian miner seek Brazil nod to fast-track mine project
Mining giant Vale SA and an Asian-owned metals producer are among the first to tap a Brazilian program that aims to cut red tape and speed up mining projects in the South American nation.
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Statement by West Australian Assembly Member for Roe Mr P.J. Rundle
As Shadow Minister for Sport and Recreation, I would like to acknowledge the excellent performance of the Australian Olympic team at the Tokyo Olympics. Athletes not only exceeded all expectations but also gave the Australian sport-loving public a great morale boost during these difficult times. As the Olympics come to a close and on the cusp of the Paralympics, I would like to thank Gina Rinehart and the Hancock Prospecting Group for their ongoing support of our Olympic team and of sport in general.
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Grants and gold medal bonuses: Here’s how Australian Olympic athletes earned their way to Tokyo
Some of Australia’s most accomplished swimmers also have the benefit of private sponsorship. Gina Rinehart, Australia’s richest person and the executive chairman of Hancock Prospecting, is behind a quarterly grant of up to $8,000 for Olympic hopefuls. The financial support “allows them to focus on their training and performance and not be distracted by financial pressures that most athletes face,” Swimming Australia states. The same program also provides an incentive pool of $170,000 for medalists and top-eight finishers. Australia’s top rowers have also benefited from Rinehart’s sponsorship. The Australian reports the mining magnate has underwritten a $525-a-week wage for the nation’s top 50 rowers in both the men’s and women’s competitions. That support has been “profound” and “game changing,”
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MAKE BRISBANE SHINE
But Ms Rinehart warned that in the lead-up to Brisbane hosting the world’s biggest sporting event in 2032, governments needed to cut red tape to ensure teams and facilities were ready in time. “I hope our governments now take the bit between their teeth and realise 10 years time is a relatively short time to prepare Queensland for the Olympics, and grasp this opportunity to ensure Queensland shines,” she said. “To do this we must cut government tape to welcome significant investment and businesses, improve airports, improve marinas, build exciting new tourist facilities and accommodation, to really show Queensland and Australia as a must-repeat visit destination.”
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