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Mar.29.2024 1USD=7.095RMB
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Gina Rinehart Moves to Build Her Own Iron Ore Mine

https://en.steelhome.com [SteelHome] 2022-01-18 14:31:08

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Gina Rinehart’s family company Hancock Prospecting plans to develop a 20 million tonnes per year iron ore mine on Mulga Downs, the cattle station where the heiress with an estimated worth of $31 billion grew up.

Hancock Prospecting, which reaped a profit of $7.3 billion last financial year, first wants to start developing “imminently” a smaller mine that would operate for up to five years.

In documents lodged with the WA Environmental Protection Authority on Friday Hancock Prospecting said the Murray’s Hill mine would only need approvals for clearing vegetation as the EPA decided in 2013 that it did not require detailed assessment.

The development of the mine was delayed when iron ore prices tumbled. About 900 hectares of land would be cleared to mine up to five million tonnes of iron ore annually.

Trucks travel on Great Northern Highway to Port Hedland to export the ore as the area is not yet connected to rail.

Separately Roy Hill plans to build a rail spur from its existing line to service Hancock Prospecting’s proposed 20 million tonnes a year Mulga Downs mine and other mines in the region.

The longer-term Mulga Downs mine will straddle an area about 75 kilometres long from east to west in the Fortescue River floodplain, about 15 kilometres north of Karijini National Park.

Almost a quarter of the 40,000 hectare area would be cleared of native vegetation.

A waste rock dump is planned to be located about one kilometre from the station’s homestead.

The new mine’s capacity would add to the substantial iron ore production capacity already owner by Hancock Prospecting: 70 per cent of Roy Hill’s 60 million tonnes a year capacity and half of the 47 million tonnes a year Hope Downs mines operated by Rio Tinto.

Mrs Rinehart, who is executive chairman of Hancock Prospecting, is embroiled in a long-running and expensive dispute with some of her children over control of a family trust that owns 23 per cent of Hancock Prospecting.

Source: WA today
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