Hancock Prospecting

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Hancock Prospecting Pty Limited
Type Private
Industry Mining
Predecessor(s) Hancock Prospecting Limited
Hancock Resources
Hanwright Pty Limited
Hancock & Wright Limited
Founded 25 November 1955 (1955-11-25)
Founder(s) Lang Hancock
Headquarters Perth, Western Australia, Australia
Number of locations 6 current projects (2012)
Key people Gina Rinehart
(Executive Chairman (1992 – present)
Products Iron ore and thermal coal; and
Joint venture activities in ferruginous manganese, uranium, molybdenum, lead, zinc, gold, diamonds, and petroleum
Services Mineral resource exploration
Owner(s) Gina Rinehart
Subsidiaries Hancock Coal Pty Limited
Hancock Alpha West Pty Limited
Website www.hancockprospecting.com.au

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.

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,[1] which is a joint venture with mining services company Mineral Resources Limited.[2][3][4]

In 2011, the company was estimated to be earning about A$870 million in revenue per year.[5] 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 or sales by Hamersley Iron (operated by 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.[6] 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.

Projects

See also


References

  1. ↑ 1.0 1.1 "Nicholas Downs". Current projects. Hancock Prospecting. 2012. Retrieved 23 February 2012. 
  2. ↑ "Hope Downs Iron Ore Project". Current projects. Hancock Prospecting. 2012. Retrieved 23 February 2012. 
  3. ↑ Ball, Yvonne (19 July 2002). "Hancock strikes it hot on Hope Downs iron ore". The Age (Australia). Retrieved 23 February 2012. 
  4. ↑ "Hope Downs mine development application submitted" (Press release). Rio Tinto. 16 March 2006. 
  5. ↑ Thomson, James (7 February 2011). "Gina Rinehart's great resources rush". SmartCompany. Retrieved 2 February 2012. 
  6. ↑ "Jacaranda Alliance". Current projects. Hancock Prospecting. 2012. Retrieved 23 February 2012. 
  7. ↑ http://www.mineralresources.com.au/upload/docs/2008%20ASX%20Announcements/8%20Aug%2008%20-%20MRL%20Formalises%20Contract%20with%20Hancock%20Prospecting%20(110.86%20Kb).pdf
Mining companies of Australia
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