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.