22 November 2021

Speech by Gina Rinehart

National Mining & Related Industries Day
22 November 2021

News

Iron ore was a game of two halves in 2021. There’s reason for both pessimism and optimism in 2022

If ever there was a game of two halves it was iron ore in 2021. The first half of the year was something we’ve never seen before and may never see againProfits and dividends went through the roof. Australia’s biggest five iron ore miners — BHP (ASX:BHP), Rio Tinto (ASX:RIO), Fortescue Metals Group (ASX:FMG), Roy Hill and Mineral Resources (ASX:MIN) paid out $59.5 billion for the year to June 30. Gina Rinehart, Australia’s richest person, banked $3.92 billion from Roy Hill alone, after the 60Mtpa miner delivered $5.6b to shareholders. Hancock Prospecting’s Atlas Iron business, on death’s door as a listed entity a few years ago, raked in more than $900 million profit as Hancock declared a $7.3 billion profit — a record for a private company and larger than three of the four big banks.

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Record $379bn earnings forecast for resources, energy export

Minister for Resources and Water Keith Pitt said that the resources sector once again has been shown to be the bedrock of the Australian economy and would strongly support the nation’s future growth. “The resources sector has risen above the challenges of the pandemic and will continue to deliver for our nation in the years ahead,” Minister Pitt said. “In 2020–21 our resources and energy earnings passed $300 billion for the first time, reaching $310 billion, and are now forecast to top that by $69 billion in 2021–22. “These are outstanding results that will provide further jobs and opportunities in our regions and benefit all Australians.

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Rinehart backs carbon tech play

A TECHNOLOGY that uses renewable energy-powered electrolysis at low temperature to convert carbon dioxide into reusable carbon and oxygen has been backed by Gina Rinehart’s Hancock Prospecting. Called Carbelec, the technology is being developed by researchers at the University of Melbourne. Those researchers claim the technology could be a game changer for steel makers.

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