Gina Rinehart-controlled Atlas Iron has doubled down on her warnings about the Albanese government’s industrial relations changes after delivering its first dividend for the mining billionaire. Atlas Iron chief executive Sanjiv Manchanda said a strike in Western Australia’s iron ore-rich Pilbara region would hurt indigenous communities as well as hit businesses, trade, government income from taxes and royalties.
This year marks a very special milestone for the Hancock Prospecting Group – a celebration for Mrs. Gina Rinehart ao who has strongly led the Group for 30 years in her role as Executive Chair. During this time, Mrs. Rinehart has led the company to become one of the most successful private mining houses in the world, not to mention the most successful private company in Australia’s history, after taking on the position of Chair when the company was not in a good position.
The 2022 Australian Exporter of the Year awards were held in Canberra on November 24th. Now in its 60th year and Australia’s most prestigious and longest running export awards program, the evening celebrated the achievements of Australian businesses which export home-grown innovation to the world. Hancock Ag were awarded joint first in the category of Agribusiness, Food and Beverages award for their outstanding 2GR Wagyu Beef. On hand to accept the award was Hancock Agriculture’s Peter Telford, who is responsible for the management of the core 2GR Wagyu herd in the central west of NSW. This follows Hancock Prospectings achievement of the export award, at the 10th annual export awards, also held in Canberra, and attended by, executive chairman, Gina Rinehart, her daughter, and Tad Watroba, of Hancock Prospecting.
WA launches infrastructure-specific initiative he Western Australian Government has launched the Resources Community Investment Initiative which will facilitate investment in iconic state infrastructure projects and community and social initiatives across WA. The initial commitments total $750 million, with $250 million from Rio Tinto, $250 million from BHP, $100 million from Hancock Prospecting, Roy Hill and Atlas Iron, $50 million from Woodside Energy, $50 million from Chevron Australia and $50 million from Mineral and Resources.
Mining billionaire Gina Rinehart’s Hancock Prospecting is understood to have written a cheque for IPO hopeful Brazilian Rare Earths’ $21 million private round. Investor sources said Hancock and another family office took up a big slice of the pre-IPO round in a raise wrapped up by Canaccord Genuity last week.
The Federal Government wants to pass legislation for the overhaul, including controversial measures increasing access to multi-employer bargaining, through the Parliament before Christmas. Mr Trott’s comments come a day after Gina Rinehart’s Hancock Prospecting warned forcing multi-employer bargaining on to the mining sector would jeopardise billions of dollars in future royalty and tax revenue for WA.Hancock Prospecting chief executive Garry Korte said a sixweek strike at Port Hedland would cost $9 billion in lost iron ore export revenue.
Six of WA’s biggest miners Rio Tinto, BHP, Hancock Prospecting, Woodside, Chevron and Mineral Resources were on Tuesday confirmed as the inaugural donors to the Resources Community Investment Initiative. Unveiling the new fund which will be used to pay for major “legacy” projects like the $400m Aboriginal Cultural Centre and the $250m Perth Zoo redevelopment Mr McGowan said he expected it would continue to swell.
Western Australia’s pandemic defying resources boom will be immortalised for future generations through the establishment of a $750 million community investment fund backed entirely by some of the State’s biggest mining companies. Six industry giants have already committed substantial sums of cash to the Resources Community Investment Initiative: Rio Tinto and BHP ($250 million each), Hancock Prospecting ($100m), Woodside ($50m), Chevron ($50m) and Mineral Resources ($50m). Mr McGowan said the idea was sparked around the time of his Government’s $50m commitment to the Aboriginal Cultural Centre — a funding pledge later matched by the Albanese Government before May’s Federal election.
That this State has been blessed with a great bounty of natural resources is a wonderful gift. Through flukes of geology and the hard yakka of generations of miners, WA has established itself as one of the world’s strongest economies.
Now it looks like it will help us dodge the turmoil wreaking havoc in other major economies around the world. However, one of the shortcomings of a resources-dependent economy such as ours is its boombust nature. When times are good, money flows and everyone benefits. Hancock Prospecting has committed $100m while Woodside, Chevron and Mineral Resources have chipped in $50m apiece.
Western Australia’s Labor government has leant on mining and oil and gas companies to create a billion dollar-plus “community investment fund” with a big chunk of the funds earmarked for an Aboriginal cultural centre in the centre of Perth. The fund already has commitments of $750 million thanks to donors that include Gina Rinehart’s Hancock Prospecting, which is reported to have kicked in $100 million.
