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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Iron ore miners and bankers keep budget afloat

Iron ore miners and the nation’s banks are carrying the federal budget, with corporate tax figures revealing the assault on big technology companies is failing to deliver huge increases in revenue.Total tax from the mining sector increased to $25 billion in 2019-20, making it the most valuable to the federal budget. Most of it came out of iron ore producers such as Rio, BHP and Fortescue as the iron ore price lifted strongly. In 2015-16, miners paid $6.3 billion.

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University of Melbourne and Hancock Prospecting team up to advance carbon conversion technology

Hancock Prospecting Chief Executive Officer Garry Korte said the potential benefits of Carbelec should be significant and far-reaching, noting that steel makers could continue to benefit from the reliable and consistent supply of Pilbara ores, while also achieving their decarbonisation goals with both current and emerging steel technologies. “Hancock Prospecting’s pioneering spirit is backed by a strong history of successfully partnering in innovative solutions to meet the needs of customers. We believe Carbelec can be an important part of a future low-cost energy mix, allowing industries such as steel, cement and even current day baseload power generators to continue to lift the living standards of people in Australia and worldwide.”

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Ellison, Rinehart in landmark JV

Chris Ellison-led Mineral Resources has struck an agreement with Gina Rinehart’s Hancock Prospecting to jointly pursue the development of a new iron ore export berth at Port Hedland’s South West Creek. The agreement proposes that Hancock subsidiary Roy Hill Holdings, which already operates two berths at South West Creek, would help develop the new berth and provide rail haulage and port services. The agreement will likely make it easier for the state government and the Pilbara Ports Authority to assess multiple competing applications for increased capacity at the famously congested inner harbour at Port Hedland.

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Bid to deliver big stake

Gina Rinehart is winding up a record year for her diversified business empire with a deal to buy nearly half of Australian gas producer Senex Energy in a $900 million partnership with South Korea steel giant Posco. Ms Rinehart’s flagship, Hancock Prospecting, notched a sharply increased record $7.3 billion profit for the year to June 30, underscoring its emergence as one of the country’s most profitable companies. The performance mainly reflected her $4b share of Roy Hill’s dividends.

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MinRes, Hancock strike infrastructure deal

MINERAL Resources has locked in port and rail agreement with Hancock Prospecting, ensuring it can export iron ore from its assets in Western Australia’s Pilbara that were once considered stranded. MinRes and Hancock announced the agreement on November 29, which will involve the development of an iron ore export hub at the Port Hedland Standley Point Berth 3, in South West Creek. “Our long-stated strategy is to transform from short-life, high-cost mines to lower-cost, longer-life operations underpinned by innovative infrastructure solutions.”

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MinRes and Hancock team up in the Pilbara

While co-operation among Pilbara iron ore miners is rare, MinRes has an existing relationship with Hancock via its mining services division. “We look forward to working with Hancock, Roy Hill, PPA and the state government to progress this project which would help unlock stranded assets in the Pilbara and would create thousands of jobs for West Australians for years to come,” Ellison said.

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MinRes, Roy Hill, Hancock have big port plans

Ellison said yesterday the agreement with Hancock and Roy Hill was the first of its kind in the Australian resources industry. “Our long-stated strategy is to transition from short-life, high-cost mines to lower-cost, longlife operations underpinned by innovative infrastructure solutions,” he said.

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