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This afternoon, the state government unveiled the long-awaited port capacity plan for Port Hedland, with total capacity rising to nearly 700 million tonnes per year, including 660mt for iron ore exports. Hancock Prospecting executive chairman Gina Rinehart said today’s confirmation of additional port capacity at South West Creek was the product of tireless work to expand capacity at the revenue earning port. She said the decision promised to unlock a suite of growth assets, some of which would have otherwise been stranded, to bring more jobs, revenue and opportunities to WA. Mineral Resources managing director Chris Ellison echoed her sentiments and said the development would allow the company to develop pit-to-port solutions and expand its ability to be a long-term, low-cost supplier of iron ore to international markets.

Mineral Resources and Gina Rinehart’s Hancock Prospecting have won the battle for the right to build a new shipping berth at Port Hedland, as Western Australia flags a huge expansion of the world’s biggest iron ore port that could add more than $20bn to iron ore export earnings a year.Mrs Rinehart said on Tuesday she was “delighted” by the state government’s decision. “This will unlock a suite of growth assets, some of which would have otherwise remained stranded assets, to bring more jobs, revenue and opportunities to West Australians,” she said.

Australia’s most lucrative export industry will be able to dramatically increase shipments of iron ore after a long-awaited review of Port Hedland found its potential was 41 per cent higher than its officially licensed export capacity.Gina Rinehart’s Roy Hill, Andrew Forrest’s Fortescue Metals and BHP Group have emerged as winners from the Western Australian government review, with those three exporters told their port allocations were likely to be increased by 25 per cent when the plans are finalised later this year.

Gina Rinehart’s Hancock Prospecting and Chris Ellison’s Mineral Resources have emerged as big winners from a government initiated review of iron ore export capacity at Port Hedland.In a joint statement, Hancock and MinRes described the joint development of the new Stanley Point Berth 3 and the sharing of infrastructure as the first of its kind in Australia.In a joint statement, Hancock and MinRes described the joint development of the new Stanley Point Berth 3 and the sharing of infrastructure as the first of its kind in Australia.

1st February 2022.

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.

“She’s a great Australian who shares our Olympic values and philosophies,” he said. “There is no coincidence that the strong support of Gina Rinehart for many of our athletes in Tokyo yielded excellent results. There were so many golden moments and success in the pool, our rowers had a wonderful Games, as did our beach volleyballers.”

AOC president John Coates said the partnership would deliver significant benefits. “This is a major commitment to Australian sport,” he said. “We welcome and thank Mrs Gina Rinehart and Hancock Prospecting for this investment. On the eve of farewelling our team to the Beijing 2022 Winter Olympic Games, the timing is perfect.”

Rowing Australia‘s patron Gina Rinehart was made an Officer of the Order of Australia (AO). Rinehart is a mining magnate and Australia’s richest person. She is the Executive Chairman of Hancock Prospecting, a privately-owned mineral exploration and extraction company. Her appointment was, “for distinguished service to the mining sector, to the community through philanthropic initiatives, and to sport as a patron”. Rinehart and the Australian women’s four are part of the record number of women recipients.

This Australia Day, 1,040 people are receiving the country’s highest honours, including appointments to the Order of Australia, meritorious awards and distinguished and conspicuous awards. The most high profile award was presented to mining magnate Gina Rinehart, who was made an Officer of the Order of Australia (AO) for her service to the mining sector, to the community through philanthropic initiatives and as a patron to sport.