Hancock Prospecting

Hancock Prospecting Pty Ltd is an Australian-owned mining and agricultural business run by Executive Chairwoman Gina Rinehart and CEO Garry Korte. At various stages of its trading history, the company has been known as Hancock Prospecting Ltd, Hancock Resources Ltd, Hanwright Pty Ltd, Hancock & Wright Ltd, and Hancock Prospecting Pty Ltd.

Hancock Prospecting Pty Ltd is owned by Rinehart (76.6%) and the Hope Margaret Hancock Trust (23.4%).[3]

The company was founded in 1955 by Rinehart's father, the late Lang Hancock. Hancock Prospecting holds the mineral rights to some of the largest Crown land leases in the Pilbara region of Western Australia.

Gina Rinehart has disputed accusations that she is an heiress. Through Rinehart's spokesperson and chief financial officer at Hancock Prospecting, Jay Newby, Rinehart has claimed that upon assuming the role of the Executive Chairwoman, she took over a company that was in a perilous financial position with significant debt and major assets mortgages and under threat of seizure.[4]

Activities

Hope Margaret Hancock Trust

In 1988 Lang Hancock established the Hope Margaret Hancock Trust, nominating Rinehart as trustee, with his four grandchildren named as beneficiaries.[28] The Trust owns a quarter of the shares in Hancock Prospecting.[29] In 2011 Rinehart's daughter, Hope Rinehart Welker, commenced a commercial action in the New South Wales Supreme Court for reasons understood to be related to the conduct of the trustee.[30] The action sought to remove Rinehart as sole trustee. Her brother, John, and sister, Bianca, were later revealed as parties to the dispute.[31][32][33]

In an agreement reached between the parties, the Court granted an interim non-publication order in September 2011. In making the interim order, Justice Paul Brereton stated: "This is not the first occasion of discord in the family, which has immense wealth, no small part of which resides in the trust. In the past, the affairs of the family, including such discord, has attracted considerable publicity in the media."[34] Then, in a judgement handed down on 7 October 2011, Justice Brereton stated that he intended to dismiss an application by Rinehart, that there be a stay on court action, and that the family be directed into mediation.[28][35] In December 2011, three justices of the NSW Court of Appeal lifted the suppression orders on the case. However, a stay was granted until 3 February 2012[36] and extended by the High Court of Australia until 9 March 2012. Rinehart's application for suppression was supported by Ginia Rinehart (Gina Rinehart's daughter), but was opposed by Hope, John and Bianca.[37] A subsequent application by Rinehart for a non-publication order on the grounds of fear of personal and family safety was dismissed by the NSW Supreme Court on 2 February 2012.[38] In March 2012, when the suppression order was lifted, it was revealed that Rinehart had delayed the vesting date of the trust, which had prompted the court action by her three older children.[39]

Rinehart stood down as trustee during the hearing in October 2013.[40] While Rinehart's lawyers subsequently declared any legal matters closed, John and Bianca's legal representatives proceeded with a trial in the NSW Supreme Court to deal with allegations of misconduct, whereby Rinehart was accused of having "unclean hands".[41] As of it appeared likely that the matter would be settled by the court appointing a new trustee.[42]

type	Private
predecessor	Hancock Prospecting Limited Hancock Resources Hanwright Pty Limited Hancock & Wright Limited
foundation	November 25, 1955
founder	Lang Hancock
location city	Perth, Western Australia
location country	Australia
locations	Multiple projects in Australia and in the UK
key people	Gina Rinehart (Executive Chairwoman)
industry	Mining and Agriculture
products	Iron ore and thermal coal; and Joint venture activities in ferruginous manganese, uranium, molybdenum, lead, zinc, gold, diamonds, and petroleum
revenue	$16.6 billion (2021)‡R1R‡
profit	$7.3 billion (2021)‡R2R‡
owner	Gina Rinehart Hope Margaret Hancock Trust‡R3R‡
subsid	Hancock Coal Pty Limited Hancock Alpha West Pty Limited

Hancock Prospecting

Activities

Institute of Public Affairs

Attitudes towards indigenous peoples

Hope Margaret Hancock Trust

Projects

See also

References