Gina Rinehart’s money-making machine Hancock Prospecting is again splashing the cash, this time taking a cornerstone stake in Arafura Rare Earths’ $121 million capital raising. Hancock has emerged with a 10 per cent stake in Arafura, which is advancing its $1.6 billion Nolans Creek project in the North Territory, after tipping $60m into the discounted placement offering.
Gina Rinehart’s Hancock Prospecting makes most of its money from iron ore, but appears to be diversifying, according to reports. After Arafura Rare Earth last week called for $121 million for its Nolans project in the Northern Territory, Hancock is understood to have committed to investing $60 million. The bid caused brokers Bell Potter and Canaccord Genuity to shut the books early last Friday. The Nolans project marks a major boost for the NT, helping to secure it as one of the world’s only sources of important critical minerals. The minerals mined from the Nolans project can be used to make technological devices like mobile phones, televisions and computer monitors.
Executive Chairman Gina Rinehart, CEO Garry Korte, Roy Hill CFO Greg Hawkins, and Roy Hill partners, enjoying the annual Roy Hill Christmas ball. Held along the banks of the Swan River. The theme, “Arabian nights”.
Volleyball Patron Mrs. Gina Rinehart AO, and on behalf of the Hancock Prospecting Group, wish all competitors the very best for an exciting tournament.
Gina Rinehart has taken barely seven hours to return fire at Beach Energy, adding a $61 million sweetener to better its rival suitor’s bid for Warrego Energy. In a clear statement of intent, Mrs Rinehart’s Hancock Prospecting did not even wait out the day before announcing an increased offer of 28¢ a share for Warrego, escalating a takeover battle for the Perth Basin gas play that has its shareholders celebrating.
Beach Energy has increased its bid for Perth basin gas play Warrego Energy by 25 per cent to fend off an off-market offer from Gina Rinehart’s Hancock Energy in an escalating battle for a slice of a promising gas field north of Perth.
Gina Rinehart’s Hancock Prospecting mining giant has delivered the second-largest financial result in its history, producing a bumper $5.8bn net profit.
Hancock also paid $4.4bn in state and commonwealth taxes this year, and has paid $11.3bn over the past five years.
The profit is several times larger than any other Australian-owned private company, and comes as Mrs Rinehart once again scours the market for acquisitions.
The battle for Warrego Energy continues with a new suitor in the mix — Gina Rinehart’s Hancock Prospecting has submitted a 23-cents-per-share takeover bid for the Perth-based energy company.
GINA Rinehart’s Hancock Prospecting mining giant has delivered the second largest financial result in its history, producing a bumper $5.8bn net profit. The company’s 2022 result, contained in accounts for Hancock lodged with the corporate regulator on Wednesday, included big profits for Mrs Rinehart’s mining operations and investments such as a stake in rural holding Australian Outback Beef.
