Latest News
Catch up on the latest news and insights from Atlas.
Long-awaited 2021 Prospect Awards return
The 2021 Australian Mining Prospect Awards were finally held in Brisbane following COVID-related delays. Roy Hill’s iron ore mine in the Pilbara has taken home Australian Mine of the Year at the 2021 Prospect Awards. The Hard Rock Mine of the Year also went to Roy Hill’s iron ore operation, while Hancock Prospecting executive chair Gina Rinehart was awarded the Lifetime Achievement Award. “Secondly, a huge congratulations to the other finalists iCutter Industries and Atlas Iron. This really is an award where everyone wins as this work is so important to not only the business and First Nation’s businesses but it’s creating a better Australia for everyone.
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Absentee overload
An explosion of COVID-19 cases in WA is intensifying staffing woes, directly impacting businesses which continue to bear the brunt of skills shortages. As cases soared to a record high of 17,000 on Wednesday — well above the original peak prediction of 10,000 — businesses were left grappling with a surge in virus-related absenteeism. Some are optimistic conditions will improve from here as the case load comes down. However, others are anticipating further disruptions as potential new strains emerge. WA’s resources sector has also acutely felt the impacts of absenteeism.
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Magnetite back in favour with Rinehart | Gina Rinehart interest suggests magnetite iron ore is no boom-time folly
In the last month, Gina Rinehart’s Hancock Prospecting and Atlas Iron have joined the magnetite fray, a significant sign industry sentiment towards magnetite is changing. Atlas chief executive Sanjiv Manchada says the decision to reconsider developing magnetite projects came after Hancock acquired Atlas in 2018 and set about fully reviewing the company’s full suite of potential projects, including Ridley – floated as a potential development worth $3bn in 2009, but abandoned soon afterwards. “If anyone can do it, we believe Hancock can do it because we are good at developing projects – we are good at managing cost and schedule, the deliverables and understanding the risk.”
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Legacy Iron Ore (ASX: LCY) and Hawthorn Resources (ASX: HAW)
Legacy Iron Ore and Hawthorn Resources revealed this week that a wholly-owned subsidiary of mining magnate Gina Rinehart’s Hancock Prospecting, Hancock Magnetite Holdings, had earned its 30% stake in the Mt Bevan iron ore project in WA’s Central Yilgarn. The news sent both Legacy and Hawthorn’s share prices skyrocketing on Thursday.
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Hancock joins Legacy and Hawthorn in Mt Bevan JV
Legacy Iron Ore (ASX:LCY) and Hawthorn Resources (ASX:HAW) said Hancock Magnetite Holdings has executed the earn-in agreements into the Mt Bevan iron ore project. After the earn-in, Hancock will hold 51%, Legacy will hold 29.4% and Hawthorn will hold 19.6% of the project. Work programs will then be undertaken with the intention of further advancing the project to a bankable feasibility study. Hancock has appointed Atlas Iron as the manager of the new joint venture.
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Rinehart’s magnetite move
WA mining billionaire Gina Rinehart has pressed the button on a $9 million investment that could result in a multi-billion-dollar magnetite project in the Yilgarn region shipping high-grade iron ore products to India. The company announced on Thursday that its subsidiary Atlas Iron had been appointed as the manager of the joint venture project and would conduct the study. Hancock chief executive Garry Korte said the project offered an excellent opportunity for Hancock and could provide options for additional higher grade, lower impurity iron ore products.
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Hancock’s Mt Bevan deal a go
Hancock Prospecting’s plan to earn-in to a slice of a Yilgarn magnetite project is proceeding, with the deal finalised just days after a new trade agreement with India. It will fund a pre-feasibility study, with Atlas Iron - owned by Hancock - to be the manager of the joint venture. Hancock chief executive Garry Korte said the business looked forward to collaborating with joint venture partners on the feasibility study.
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Juniors surge after Hancock confirms magnetite joint venture
"This is an excellent opportunity for Hancock and could provide options for additional higher grade, lower impurity iron ore products." "The Mt Bevan project provides the basis to expand the iron ore business with Atlas growing its project capacity and expertise to support these large and complex undertakings," Atlas CEO Sanjiv Manchanda said. "We look forward to collaborating with our joint venture partners as Atlas works on the PFS," Hancock CEO Garry Korte said.
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RINEHART’S MAGNETITE MOVE
Mrs Rinehart’s Hancock Prospecting will take a 30 per cent stake in the Mt Bevan magnetite project west of Leonora under an agreement with joint venture partners, the Indian Government-controlled Legacy Iron and junior explorer Hawthorn Resources. Hancock chief executive Garry Korte said the project offered an excellent opportunity for Hancock and could provide options for additional higher grade, lower impurity iron ore products. The company announced on Thursday that its subsidiary Atlas Iron had been appointed as the manager of the joint venture project and would conduct the study.
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Ground Breakers: Gold miners strike positive note as March results start to roll out
Gina Rinehart confirms bet on high grade iron ore with magnetite mine buy. Hancock will pay $9m for a 30% interest and can increase that to 51% by fully funding a PFS.
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POSCO, Hancock partner for low-carbon steel materials production
South Korea’s top steelmaker POSCO Co. and Hancock Prospecting Pty Ltd, a leading Australian mining firm, are slated to collaborate in low-carbon steel material manufacturing. The partnership is to build a foundation for a hydrogen-based steelmaking process and carbon neutrality. POSCO is also partnering with Hancock for multiple projects in Australia. The two firms and other partners have embarked on a feasibility study on the Hardey iron ore project in the West Pilbara owned by the Australian Premium Iron (API) joint venture, according to industry sources on March 10.
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30 year Anniversary Celebrations
Mrs Gina Rinehart as Executive Chairman of Hancock Group.
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Media Release: Hancock welcomes news of approval of bid to acquire Senex Energy
Commenting on the Senex scheme approval Mrs Gina Rinehart AO, Chair of the Hancock Group of Companies said, “I am delighted with the Senex approval which is the largest Hancock investment in the energy sector. We believe that the energy sector, fundamental to maintaining our businesses and standard of living, has an important future given policies have caused the lack of investment in many areas which has already caused energy prices worldwide to rise. Recent events in Europe have served as a stark reminder underlining the criticality of energy security.”
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