Hancock Prospecting
Encyclopedia
Hancock Prospecting is a Western Australia
n mining company chaired by Gina Rinehart
the daughter of Lang Hancock
. At stages of its trading it has been known as Hancock Prospecting Ltd, Hancock Resources, Hanwright Pty Ltd, Hancock & Wright Ltd, and Hancock Prospecting Pty. Ltd.
The Hancock Group of Companies are holders of numerous iron ore leases in the Pilbara. The leases cover an area of 500 square km 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 $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 $2 billion in revenue, and about $700 million in net cash. In addition, the company receives a 1.25% royalty from iron or sales by Hamersley Iron
(operated by a Rio Tinto subsidiary) which delivers about $170 million a year.
Western Australia
Western Australia is a state of Australia, occupying the entire western third of the Australian continent. It is bounded by the Indian Ocean to the north and west, the Great Australian Bight and Indian Ocean to the south, the Northern Territory to the north-east and South Australia to the south-east...
n mining company chaired by Gina Rinehart
Gina Rinehart
Georgina "Gina" Hope Rinehart is a mining heiress. She is the heiress of Hancock Prospecting and the daughter of the late mining magnate Lang Hancock and Hope Margaret Nicholas...
the daughter of Lang Hancock
Lang Hancock
Langley Frederick George "Lang" Hancock was an Australian iron ore magnate from Western Australia who maintained a high profile in the competing spheres of business and politics...
. At stages of its trading it has been known as Hancock Prospecting Ltd, Hancock Resources, Hanwright Pty Ltd, Hancock & Wright Ltd, and Hancock Prospecting Pty. Ltd.
The Hancock Group of Companies are holders of numerous iron ore leases in the Pilbara. The leases cover an area of 500 square km 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 $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
Rio Tinto Group
The Rio Tinto Group is a diversified, British-Australian, multinational mining and resources group with headquarters in London and Melbourne. The company was founded in 1873, when a multinational consortium of investors purchased a mine complex on the Rio Tinto river, in Huelva, Spain from the...
. Hope Downs production levels of 30 million tonnes per year and current prices (around US$140 per tonne) generate over $2 billion in revenue, and about $700 million in net cash. In addition, the company receives a 1.25% royalty from iron or sales by Hamersley Iron
Hamersley Iron
Pilbara Iron is a wholly owned subsidiary of the multinational Rio Tinto Group, that manages assets for Hamersley Iron Pty Ltd, a wholly owned subsidiary of Rio Tinto, and Robe River Iron Associates, an unincorporated joint venture between Rio and three Japanese steel companies Mitsui Iron Ore...
(operated by a Rio Tinto subsidiary) which delivers about $170 million a year.