Rinehart wakes iron ore’s sleeping giant
Gina Rinehart has signed an agreement for the “sleeping giant” of iron ore to be exported over the Roy Hill railway and port infrastructure with first shipment set for 2023. Ms Rinehart committed her company, Hancock, to lead and run the project in a signing ceremony with the joint venture partners this week. Gina Rinehart: “We have an outstanding group of partners, and we believe that now is the right time.”
Read MoreGina Rinehart inks agreement for long-awaited Australian Premium Iron project
Under the development agreement, Mrs Rinehart’s Hancock Prospecting will undertake a bankable feasibility study. If given final investment approval by the joint venture partners, Mrs Rinehart’s majority owned Roy Hill will develop and operate the project. “The Hardey project has waited years for the right window to proceed to development,” Mrs Rinehart said in a speech at the venture’s signing ceremony. “We have an outstanding group of partners, and we believe that now is the right time for the Hardey project to be progressed.”
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The ASX-listed MRL told shareholders that haulage solutions were key to unlocking stranded assets in the Pilbara and this agreement would provide a cost-effective solution for MRL to develop its Pilbara assets. “We are pleased to have entered into the port and rail agreement with Hancock and Roy Hill. This partnership and infrastructure sharing is the first of its kind in the Australian resources industry and would enable significant value to be unlocked for MRL in a sustainable manner,” said MD Chris Ellison.
Read MoreHancock & MRL reach agreement for port & rail joint-venture
Hancock Prospecting Pty Limited (Hancock) and Mineral Resources Limited (MRL) are pleased to announce that they have entered into a legally binding agreement under which they will jointly investigate the potential to develop a new iron ore export facility at the Port of Port Hedland’s Stanley Point berth 3 in South West Creek, where Roy Hill Holdings Pty Ltd (Roy Hill) would provide services to both MRL and Hancock for development and operation of the project, including rail haulage and port services (Project).
Read MoreGina Rinehart, Mineral Resources’ Chris Ellison strike Pilbara port, rail deal
WA mining identities Gina Rinehart and Chris Ellison will join forces in a landmark deal to develop new port facilities at South West Creek in Port Hedland to help unlock stranded iron ore assets in the Pilbara. Mr Ellison described the partnership and infrastructure-sharing deal as the first of its kind in the Australian resources industry. “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.”
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HanRoy is part of Hancock Prospecting
