Hancock Prospecting, established by the late Lang Hancock, is a prominent Australian mining and exploration company. The company has been instrumental in shaping Australia’s mining industry, particularly in the Pilbara region of Western Australia. In addition to mining, Hancock Prospecting has diversified its interests into agriculture, land development, and other sectors.
One of Hancock Prospecting’s notable projects is the Roy Hill iron ore mine, which is among the largest and most advanced mines in Australia. With a production capacity exceeding 60 million tonnes per year, Roy Hill has become a key player in the global iron ore market, making significant contributions to Australia’s economy and export earnings. The project required substantial investment in infrastructure such as railways and port facilities to ensure efficient transportation of iron ore from the mine to the market.
Hancock Prospecting is a prominent player in Australia’s mining and resources sector. In addition to iron ore, the company has interests in coal, uranium, and gold, with exploration projects across the country. This diversified portfolio helps mitigate risk and ensures continued growth and profitability.
Beyond mining, Hancock Prospecting is also involved in agriculture through its ownership of vast pastoral holdings in Western Australia and the Northern Territory. The company’s agricultural operations, including cattle stations and farming enterprises, contribute to Australia’s food and fibre production.
Hancock Prospecting is known for its innovation, efficiency, and commitment to sustainability. With a strong focus on exploration, development, and diversification, the company continues to play a vital role in Australia’s business landscape.
The brain behind this successful venture is Lang Hancock’s daughter, Gina Rinehart. She is an Executive Chairman of Hancock Prospecting.
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Who is Gina Rinehart?
- Gina Rinehart was born in Perth, Western Australia, and spent her early years in the Pilbara region
- She studied economics at the University of Sydney, before dropping out and working for her father at Hancock Prospecting
- In 1992, after the death of her father, Gina Rinehart became Executive Chairman of Hancock Prospecting Pty Limited (HPPL) and the HPPL Group of companies
- In 2010, she took a 10% stake in Ten Network Holdings, a free-to-air television network in Australia
- Gina Rinehart was a major player in the media and no longer limited her interests to the mining business
- Later she acquired a substantial stake in Fairfax Media, later in 2012 she increased her stake to over 12%, and became the largest shareholder of the company
- Fairfax and Hancock Prospecting broke down in June 2023 because of disagreements over Fairfax’s editorial independence policy and other issues relating to board governance
- In 2014, Gina Rinehart acquired a 50% stake in Liveringa and Nerrima stations for 40 million Australian dollars
- She was listed as the 37th-most-powerful woman in the world by Forbes in 2015
- Later that year, Gina Rinehart planned to open the huge Roy Hill mine just eight months after she secured 7.9 billion Australian dollars in funding
- She is one of Australia’s richest people, with Forbes estimating her net worth in 2019 at USD 14.8 billion as published in the list of Australia’s 50 richest people
- As of 2023, as per the Financial Review rich list, Gina Rinehart’s net worth is around USD 37.41 billion
Hancock, SQM Deal With Azure
Meanwhile, Gina Rinehart, teamed up with lithium giant SQM to acquire junior miner Azure Minerals for 1.7 billion Australian dollars (USD 1.1 billion). SQM and Hancock Prospecting have offered the Perth-based miner a legally binding cash price of 3.70 Australian dollars per share; the board of Azure has unanimously approved this offer, the Money Control stated.
There are no minimum acceptance requirements associated with this deal. If the scheme of arrangement fails, it also includes an off-market takeover offer for cash at 3.65 Australian dollars per share. It takes the place of a different, legally binding takeover offer from Chilean miner SQM, which gained support for a 1.6 billion Australian Dollars deal to buy Azure, which at the time was 44% higher than the closing price of the business.
The trajectory of the deal took a turn immediately after the announcement, with Hancock upping its stake in Azure to about 18%. Hancock and SQM are the two largest holders of Azure, with a collective 37.8% stake in the company.
In order to give the new SQM-Hancock joint venture an additional 23% of the shares, at least two other significant shareholders, Creasy Group and Delphi Group, have stated that they plan to sell all of their shares into the new agreement. Around 30% of Azure’s promising Andover lithium project in Western Australia is owned by Creasy. The deal expands SQM’s reach outside of Chile, where its present operating contract is set to expire in 2030.