Billionaire Gina Rinehart targeting lithium as she looks long term to life after the flagship iron ore mine that has super-charged her wealth.
Gina Rinehart’s Hancock Prospecting has pocketed almost $2.14 billion in dividends from its Roy Hill iron ore mine in the Pilbara in recent months, fuelling the billionaire businesswoman’sThe aggressive push into lithium comes as Mrs Rinehart and her executive team, armed with a huge war chest, look long-term to life beyond the rivers of cash being generated by Roy Hill.
Roy Hill paid $2.25 billion in dividends to its owners during the last financial year, and an additional $800 million this month. On Friday, Mrs Rinehart said restrictive state and federal government policies and excessive environmental regulation was threatening mining investment. “We are currently battling onerous, time-and-money-consuming regulation with overlapping approval processes and other damaging policies all of which put a brake on investment and business development, and choke business with government tape,” she said.
Capital expenditure topped $800 million as Roy Hill boosted its fleet of driverless haul trucks, committed to an upgrade of accommodation and facilities at the mine and added ore processing capacity.reported a $401.2 million profit on Thursday and delivered a $225 million of dividend to its owners. “This highlights the significant contribution Roy Hill continues to make at a time when government debt remains at record levels and revenue is needed to fund critical services including defence, police, and emergency services, plus assist the growing proportion of elderly and those who have served our country,” the company said.
The Hope Downs partnership between Hancock and Rio so far involves the Hope 1, Hope 4 and Baby Hope mines in the Pilbara.
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