Article by Jack McGinn, courtesy of Business News
24.06.2025
Gina Rinehart has lashed net zero as “unobtainable and expensive”, while celebrating Hancock Prospecting and Rio Tinto’s Hope Downs 2 $2.5 billion investment call.
Hancock chair Mrs Rinehart, whose company announced it would proceed with developing Hope Downs 2 alongside Rio early on Tuesday, issued a statement on Tuesday evening to welcome the decision.
In doing so, she hit out at the net-zero targets and urged Australia to prioritise its economy over climate ambitions – suggesting the nation look at a model like that of Donald Trump’s America.
“Chasing the unobtainable and expensive magic pudding that net zero is will negatively impact our way of life for generations to come,” Mrs Rinehart, a known supporter of Mr Trump, said.
“Why not let those who want to reduce their emissions do so, and who want net zero efforts, be the ones who pay for them.
“While Australia instead follows the lead of USA and other countries who put their citizens first.”
Among the nation’s largest pushers of net zero emissions is Mrs Rinehart’s fellow Pilbara billionaire Andrew Forrest, who has set the aim of decarbonising publicly listed Fortescue’s iron ore mines by 2030.
Mrs Rinehart said “trillions of taxpayers and shareholders money was being wasted on net zero”, alleging it was increasing costs and leading to business failure.
“The truth hiders are not telling us, manufacturing often requires 24-hour reliable electricity, such as dairy and aluminium, steel and AI, they ignore the consequences,” she said.
“The truth avoiders are not telling us, that given the increasing introduction of renewables, businesses, even small ones, are being called up by bureaucrats demanding they stop using mains at times, so that thousands of homes in the cities don’t lose power at peak times.
“The truth twisters are not telling us of the trillion plus of taxpayers’ dollars net zero will cost, or the further trillion businesses will have to pay for net zero.
“We all lose when soaring energy prices damage our lives and competitiveness.”
The iron ore billionaire said matters of importance were being lost in the political diatribe.
“It’s time not to be distracted by name calling like far right and other names and stick to the fact that investment is beneficial, and unfortunately declining in Australia,” she said.
Rio and Hancock pulled the trigger on Hope Downs 2 with a target of first ore in 2027.
The pair will each pay $1.23 billion towards its development.
The investment is part of a $13 billion parcel of new iron ore spending by Rio Tinto expected over the next three years in WA, to replenish the supply to its giant iron ore operations.
Mrs Hancock said further investment in the Pilbara was critical to the nation’s prosperity.
“Without such investment and projects our living standards will suffer, and we will become a very different country,” she said of the Hope Downs 2 investment decision.