Mining magnate Gina Rinehart has struck a deal to buy into an iron ore project in WA’s northern Goldfields, further expanding her iron ore empire which includes the Roy Hill mine in the Pilbara.
A subsidiary of Ms Rinehart’s Hancock Prospecting has struck a deal to form new joint venture agreement with the owners of the Mt Bevan project, 100 kilometres west of Leonora.
Hancock Magnetite Holdings can earn a 30 per cent interest in the Mt Bevan project by investing $9 million. It can increase its stake to 51 per cent by funding a pre-feasibility study. Hancock is chaired by Ms Rinehart, who ranks as Australia’s richest woman with Forbes estimating her fortune at $22.6 billion.
Deal ‘first major step’
Perth-based Legacy Iron Ore – controlled by India’s biggest iron ore producer NMDC which owns 92.3 per cent of the company – currently holds a 60 per cent stake in the Mt Bevan project alongside ASX-listed Hawthorn Resources (40 per cent).
For the rest of this article: https://www.abc.net.au/news/2021-11-15/gina-rinehart-buys-into-goldfields-iron-ore-project/100620966