Gina Rinehart emerges as gas major as Hancock posts $5.6b profit

Mark Wembridge, Angela Macdonald-Smith and Elouise Fowler

Oct 31, 2024 – 8.10pm

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Gina Rinehart’s Hancock Prospecting has emerged as one of the biggest gas players in Western Australia after inking a $1.1 billion deal to buy two onshore gas projects from Chris Ellison-backed Mineral Resources.

The purchase came as Hancock, Australia’s largest private company controlled by the country’s richest person, posted an annual profit of $5.6 billion, driven by consistent iron ore shipments from its mining operations.

Mark Wembridge covers resource companies for The Australian Financial Review, based in Perth. He formerly worked for the Financial Times in London and Hong Kong.

Angela Macdonald-Smith writes on the resources industry with a focus on energy, including gas, oil, electricity and renewables.

Elouise Fowler is a journalist for The Australian Financial Review based in the Melbourne office.