Puneet Varma (Editor)

Hancock Prospecting

Updated on
Edit
Like
Comment
Share on FacebookTweet on TwitterShare on LinkedInShare on Reddit
Industry
  
Founder
  
Type
  
Privately held company

Headquarters
  
Perth, Australia

Founded
  
25 November 1955

Hancock Prospecting wwwrowingaustraliacomauwpcontentuploads2016

Predecessor
  
Hancock Prospecting LimitedHancock ResourcesHanwright Pty LimitedHancock & Wright Limited

Number of locations
  
6 current projects (2012)

Key people
  
Gina Rinehart(Executive Chairwoman (1992 – present)

Products
  
Iron ore and thermal coal; andJoint venture activities in ferruginous manganese, uranium, molybdenum, lead, zinc, gold, diamonds, and petroleum

Services
  
Mineral resource exploration

Subsidiaries
  
S. Kidman & Co, Timeview Enterprises Pty Ltd

Hancock Prospecting is an Australian mineral exploration and extraction privately owned company that holds the rights to some of the largest land leases in the Pilbara region of Western Australia, containing the world's largest iron ore deposit. Established in 1955, the company is chaired by Gina Rinehart, estimated to be the wealthiest person in Australia, and the daughter of the company's founder, the late Lang Hancock.

Contents

It is owned by Gina Rinehart (76.6%) and the Hope Margaret Hancock Trust (23.4%).

In August 2016, former politician Sophie Mirabella is now the general manager of media relations for this company.

Hackett and the campbell sisters ready to go on the race to rio


Activities

The Hancock Group of Companies are holders of numerous iron ore leases in the Pilbara. The leases cover an area of 500 square kilometres (190 sq mi) predominantly in the Central Pilbara region and contain mineable reserves of Brockman and Marra Mamba ore of over 850 million tonnes. Leases in the Eastern Pilbara region contain mineable reserves of Marra Mamba ore of over 2 billion tonnes, and over 500 million tonnes of ferruginous manganese in their Nicholas Downs Project, which is a joint venture with mining services company Mineral Resources Limited.

In 2011, the company was estimated to be earning about A$870 million in revenue per year. This is based on a 50% share of profits generated at the Hope Downs mine which is operated by Rio Tinto. Hope Downs production levels of 30 million tonnes per year and current prices (around US$140 per tonne) generate over A$2 billion in revenue, and about A$700 million in net cash. In addition, the company receives a 1.25% royalty from iron ore sales by Hamersley Iron (a Rio Tinto subsidiary) which delivers about A$170 million a year.

Hancock Prospecting exploration activities are done under the Jacaranda Alliance, a joint venture between Hancock, Minerals Australia Pty Ltd, and several former executives of Rio Tinto. Exploration and evaluation work on uranium, molybdenum, lead, zinc, gold, diamonds and petroleum deposits are conducted in Australia, Papua New Guinea, New Zealand and South East Asia.

At stages of its trading, the company has been known as Hancock Prospecting Ltd, Hancock Resources, Hanwright Pty Ltd, Hancock & Wright Ltd, and Hancock Prospecting Pty. Ltd.

Hope Margaret Hancock Trust

In 1988 Lang Hancock established the Hope Margaret Hancock Trust, nominating Rinehart as trustee, with his four grandchildren named as beneficiaries. The Trust owns a quarter of the shares in Hancock Prospecting. In 2011 Rinehart's daughter, Hope Rinehart Welker, commenced a commercial action in the New South Wales Supreme Court for reasons understood to be related to the conduct of the trustee. The action sought to remove Rinehart as sole trustee. Her brother, John, and sister, Bianca, were later revealed as parties to the dispute.

In an agreement reached between the parties, the Court granted an interim non-publication order in September 2011. In making the interim order, Justice Paul Brereton stated: "This is not the first occasion of discord in the family, which has immense wealth, no small part of which resides in the trust. In the past, the affairs of the family, including such discord, has attracted considerable publicity in the media." Then, in a judgement handed down on 7 October 2011, Justice Brereton stated that he intended to dismiss an application by Rinehart, that there be a stay on court action, and that the family be directed into mediation. In December 2011, three justices of the NSW Court of Appeal lifted the suppression orders on the case. However, a stay was granted until 3 February 2012 and extended by the High Court of Australia until 9 March 2012. Rinehart's application for suppression was supported by Ginia Rinehart, but was opposed by Hope, John and Bianca. A subsequent application by Rinehart for a non-publication order on the grounds of fear of personal and family safety was dismissed by the NSW Supreme Court on 2 February 2012. In March 2012, when the suppression order was lifted, it was revealed that Rinehart had delayed the vesting date of the trust, which had prompted the court action by her three older children.

Rinehart stood down as trustee during the hearing in October 2013. While Rinehart's lawyers subsequently declared any legal matters closed, John and Bianca's legal representatives proceeded with a trial in the NSW Supreme Court to deal with allegations of misconduct, whereby Rinehart was accused of having "unclean hands". As of October 2013 it appeared likely that the matter would be settled by the court appointing a new trustee.

Projects

  • Balfour Downs Station Manganese Operation, northeast of Newman, a joint venture with Mineral Resources Limited
  • Hope Downs mine, northwest of Newman, a joint venture with Rio Tinto
  • Roy Hill project, south of Port Hedland, a joint venture with POSCO
  • Alpha Coal project, Galilee Basin in Central Queensland
  • Kevin's Corner coal project, Galilee Basin in Central Queensland
  • Nicholas Downs mine, northwest of Newman, a joint venture with Mineral Resources Limited
  • References

    Hancock Prospecting Wikipedia


    Similar Topics