Since its inception, Hancock Prospecting has been synonymous with iron ore.
From the development of its Roy Hill project to its expanding Hancock Iron Ore business, the company built its fortunes in the Pilbara and is now one of Australia’s largest private companies.
But Hancock’s future is extending well beyond iron ore — and well beyond Australia.
As global demand grows for minerals essential to electrification, advanced manufacturing, AI, defence and communications, Hancock Prospecting is positioning itself across a broader suite of commodities.
In the last year, Hancock has made nine disclosed mining and metals investments building its exposure to rare earths, antimony, gallium, copper and precious metals.
The company says this is not a recent response to the surge in political and industry attention surrounding critical minerals but rather a long-term strategy that has been in the works for several years.
“Recent times have seen a strong focus on critical minerals and rare earths which are increasingly vital to a range of everyday consumer technologies, AI, defence, advanced manufacturing, telecommunications and many of the industries modern economies and lives depend upon,” a Hancock Prospecting spokesperson said.
“Mrs Rinehart recognised this early, and so Hancock Prospecting is far from being new to critical minerals.
“We have invested in a range of these minerals for many years, well before they became a priority for governments, industry, major banks or the media.
“As a private company, we take a considered, long-term view on projects that others may find too slow or too risky, and this has been reflected in our investment strategy.”
That strategy is reflected across a series of recent investments spanning the globe, alongside continued growth in the company’s core Australian iron ore operations.
Rare earths growth
One of Hancock’s biggest recent expansions beyond iron ore came in October 2025, when it agreed to invest $125m in Arafura Rare Earths (ASX: ARU) as part of a A$475m placement.
In May, Hancock committed a further $85m to Arafura’s $350m share placement, alongside a separate $25m share purchase plan, lifting its interest to about 17.5%.
Arafura recently commenced construction at its Nolans rare earths project in the Northern Territory, which is slated to be Australia’s first fully integrated ore-to-oxide rare earths operation and is expected to supply about 5% of global neodymium-praseodymium oxide demand at full production.
In October, Arafura signed a binding offtake agreement with global trading company Traxys to supply up to 850tpa of neodymium-praseodymium oxide from its Nolans project.
The agreement increases annual supply volumes by 70%, from the 500tpa outlined in a binding term sheet signed in May 2026.
Supply volumes will ramp up to 850tpa once Nolans reaches nameplate production, with the agreement also covering associated heavy rare earths.
The expanded agreement could provide a pathway for Traxys to supply rare earths to the US Government’s US$12b Project Vault initiative, which aims to establish a strategic critical minerals stockpile and reduce reliance on China-dominated supply chains.
China accounted for 60% of global mined magnet rare earths production and 91% of refined output in 2024, according to the International Energy Agency (IEA). The five-year offtake agreement includes an option for a further two-year extension by mutual agreement, with pricing linked to an independent global seaborne index.
Arafura remains in discussions with other potential offtake partners but says it will no longer disclose their identities unless considered material.
Hancock’s critical minerals exposure also extends into rare earths and niobium through its investment in St George Mining’s Araxá project in Brazil.
In October last year, Hancock Prospecting acquired about 6.24% of St George Mining (ASX: SGQ).
The company’s cornerstone Araxá project has a mineral resource estimate (MRE) that includes six of the top 10 minerals on the US Department of Interior’s critical minerals list including samarium, lutetium, terbium, dysprosium, gadolinium and niobium.
In August, St George reported the project’s resource sits at 111.2mt at 3.57% total rare earth oxides (TREO) and .57% niobium pentoxide. The measured and indicated component increased 155% to 75.2mt at 3.64% TREO and .58% niobium pentoxide.
For Hancock, the investment offers exposure to a potentially significant rare earths and niobium operation, but one whose commercial value will depend on its successful development.
In May this year, a US Securities and Exchange Commission filing showed Hancock held 1.25m shares in Rare Earths Americas, which is developing rare earths projects in the US and Brazil.
These recent transactions build on Hancock’s established holdings in Lynas Rare Earths (ASX: LYC), in which Hancock holds about a 6% stake, and MP Materials, where June 2026 holdings data put its interest at about 8.3%.
Recent share-price movements have also raised questions about the performance of Hancock’s rare earths investments.
In September, The Australian Financial Review reported that about $680m had been wiped from the market value of Hancock’s rare earths holdings across the preceding 12 months, largely reflecting declines in MP Materials and Lynas Rare Earths shares.
However, a decline in market value in that period does not necessarily represent a loss against the original purchase prices of those investments.
Hancock disputes suggestions that its rare earths investments have generated an overall loss.
“We have bought into companies at different times, with different price levels, and at different stages of development, including companies with projects yet to be developed,” a Hancock spokesperson said.
“That is why recent media commentary saying Hancock has made a loss on its rare earths investments is incorrect.”
Hancock maintains it has made substantial unrealised gains on its investments, although its overall investment returns could not be independently verified from publicly available information.
Moving into precious metals
Hancock’s diversification is also extending into copper, a commodity increasingly important to the expansion of electricity networks, electrification infrastructure and advanced technologies.
In September, Hancock Prospecting agreed to invest $8.77m in White Cliff Minerals (ASX: WCN), which would give the company a 13.5% stake in the copper explorer and make it the company’s largest shareholder, overtaking Mrs Rinehart’s son John Hancock, who has served as a White Cliff non-executive director since August 1, 2025.
At the time of printing, the investment remained subject to shareholder approval, with a meeting scheduled for October 19, 2026.
Proceeds from the placement are earmarked to support the expansion and acceleration of drilling and exploration activities at White Cliff’s Rae copper project in Canada.
In July, Hancock also committed $7.95m to G50 Corp (ASX: G50), a US-focused explorer advancing projects with exposure to gallium, gold, silver and antimony.
Still building in iron ore
The company’s expansion into critical minerals has not come at the expense of its traditional resource portfolio.
The $840m McPhee Creek project in WA’s Pilbara marked a major milestone for Hancock Iron Ore this year.
In June, Hancock Iron Ore received first ore from its McPhee Creek mine, 19 months after first soil was turned, following multiple environmental and regulatory delays.
Feasibility studies for McPhee Creek began in early 2019 after Hancock Prospecting acquired Atlas Iron, with the board formally approving the project in 2021.
The McPhee mine was originally expected to open in 2023 but was delayed until the Federal Government gave the project final approval in September 2024.
Hancock said the milestone reflected an extraordinary program of work, including 100km of upgraded, sealed road infrastructure in collaboration with the State Government, 1 million cubic metres of earthworks and construction of mine infrastructure, workshops and a 220-room camp.
McPhee Creek is located in WA’s northeast Pilbara region, about 100km north of Roy Hill Mine and 30km north of Nullagine.
McPhee Creek will operate as part of the broader Roy Hill system, with primary crushed ore hauled by road train to Roy Hill for processing before being transported to port for export.
“Hancock has continued to grow our iron ore business, achieving first ore at the $840m McPhee Creek site, delivering WA’s newest mine after just 19 months of construction and after several years of approvals, extending the long-term operations of the mega Roy Hill project,” a Hancock Prospecting spokesperson said.
“Roy Hill itself shows the value of persistence: its tenements were applied for in 1992, five months after Mrs Rinehart became executive chairman, and it shipped its first ore in 2015.
“This mega project now forms part of our broader iron ore business, Hancock Iron Ore. Hope Downs 2 is also under development, currently under construction.”
Hope Downs 2 is being developed through Hancock’s 50:50 joint venture with Rio Tinto, with the partners committing US$1.6b to the Pilbara project. First ore is scheduled for 2027.
Future proofing with a broader resources portfolio
Hancock’s diversification is widening its exposure to commodities expected to benefit from growing demand for critical minerals, but the commercial outcomes of many of its newer investments remain years away.
While holdings in established producers provide exposure to operating businesses, projects such as Nolans and Araxá still face the financial, technical and operational hurdles of bringing new mines into production.
“Back in the 1990s Hancock was a tiny company with financial difficulties, today it is a powerhouse,” a Hancock Prospecting spokesperson said.
“Successful resources projects deliver benefits well beyond the project site. They create well-paid jobs, support regional areas, build infrastructure, support many businesses and generate opportunities, while helping supply the energy and essential minerals the world increasingly needs.
“Hancock remains Australia’s largest private corporate taxpayer, paying some $2.6b in Federal and State taxes in the 2025 financial year and almost $23b over the past decade.
“As Mrs Rinehart says when mining does well, Australia – and Australians – do well.”
As governments and industries seek more secure supplies of minerals considered essential to technology, defence, energy and advanced manufacturing, Hancock is positioning itself to participate in projects that could reshape global supply chains.
For now, iron ore remains the foundation of Hancock’s business. Whether its international investments can deliver comparable returns will depend on how successfully those opportunities progress from exploration and development into commercial operations.
The next chapter may therefore be less about Hancock moving away from its roots and more about whether the capital and experience accumulated through its Pilbara operations can establish a similarly successful business across a broader range of commodities.
Hancock Prospecting’s next chapter
Since its inception, Hancock Prospecting has been synonymous with iron ore.
From the development of its Roy Hill project to its expanding Hancock Iron Ore business, the company built its fortunes in the Pilbara and is now one of Australia’s largest private companies.
But Hancock’s future is extending well beyond iron ore — and well beyond Australia.
As global demand grows for minerals essential to electrification, advanced manufacturing, AI, defence and communications, Hancock Prospecting is positioning itself across a broader suite of commodities.
In the last year, Hancock has made nine disclosed mining and metals investments building its exposure to rare earths, antimony, gallium, copper and precious metals.
The company says this is not a recent response to the surge in political and industry attention surrounding critical minerals but rather a long-term strategy that has been in the works for several years.
“Recent times have seen a strong focus on critical minerals and rare earths which are increasingly vital to a range of everyday consumer technologies, AI, defence, advanced manufacturing, telecommunications and many of the industries modern economies and lives depend upon,” a Hancock Prospecting spokesperson said.
“Mrs Rinehart recognised this early, and so Hancock Prospecting is far from being new to critical minerals.
“We have invested in a range of these minerals for many years, well before they became a priority for governments, industry, major banks or the media.
“As a private company, we take a considered, long-term view on projects that others may find too slow or too risky, and this has been reflected in our investment strategy.”
That strategy is reflected across a series of recent investments spanning the globe, alongside continued growth in the company’s core Australian iron ore operations.
Rare earths growth
One of Hancock’s biggest recent expansions beyond iron ore came in October 2025, when it agreed to invest $125m in Arafura Rare Earths (ASX: ARU) as part of a A$475m placement.
In May, Hancock committed a further $85m to Arafura’s $350m share placement, alongside a separate $25m share purchase plan, lifting its interest to about 17.5%.
Arafura recently commenced construction at its Nolans rare earths project in the Northern Territory, which is slated to be Australia’s first fully integrated ore-to-oxide rare earths operation and is expected to supply about 5% of global neodymium-praseodymium oxide demand at full production.
In October, Arafura signed a binding offtake agreement with global trading company Traxys to supply up to 850tpa of neodymium-praseodymium oxide from its Nolans project.
The agreement increases annual supply volumes by 70%, from the 500tpa outlined in a binding term sheet signed in May 2026.
Supply volumes will ramp up to 850tpa once Nolans reaches nameplate production, with the agreement also covering associated heavy rare earths.
The expanded agreement could provide a pathway for Traxys to supply rare earths to the US Government’s US$12b Project Vault initiative, which aims to establish a strategic critical minerals stockpile and reduce reliance on China-dominated supply chains.
China accounted for 60% of global mined magnet rare earths production and 91% of refined output in 2024, according to the International Energy Agency (IEA).
The five-year offtake agreement includes an option for a further two-year extension by mutual agreement, with pricing linked to an independent global seaborne index.
Arafura remains in discussions with other potential offtake partners but says it will no longer disclose their identities unless considered material.
Hancock’s critical minerals exposure also extends into rare earths and niobium through its investment in St George Mining’s Araxá project in Brazil.
In October last year, Hancock Prospecting acquired about 6.24% of St George Mining (ASX: SGQ).
The company’s cornerstone Araxá project has a mineral resource estimate (MRE) that includes six of the top 10 minerals on the US Department of Interior’s critical minerals list including samarium, lutetium, terbium, dysprosium, gadolinium and niobium.
In August, St George reported the project’s resource sits at 111.2mt at 3.57% total rare earth oxides (TREO) and .57% niobium pentoxide. The measured and indicated component increased 155% to 75.2mt at 3.64% TREO and .58% niobium pentoxide.
For Hancock, the investment offers exposure to a potentially significant rare earths and niobium operation, but one whose commercial value will depend on its successful development.
In May this year, a US Securities and Exchange Commission filing showed Hancock held 1.25m shares in Rare Earths Americas, which is developing rare earths projects in the US and Brazil.
These recent transactions build on Hancock’s established holdings in Lynas Rare Earths (ASX: LYC), in which Hancock holds about a 6% stake, and MP Materials, where June 2026 holdings data put its interest at about 8.3%.
Recent share-price movements have also raised questions about the performance of Hancock’s rare earths investments.
In September, The Australian Financial Review reported that about $680m had been wiped from the market value of Hancock’s rare earths holdings across the preceding 12 months, largely reflecting declines in MP Materials and Lynas Rare Earths shares.
However, a decline in market value in that period does not necessarily represent a loss against the original purchase prices of those investments.
Hancock disputes suggestions that its rare earths investments have generated an overall loss.
“We have bought into companies at different times, with different price levels, and at different stages of development, including companies with projects yet to be developed,” a Hancock spokesperson said.
“That is why recent media commentary saying Hancock has made a loss on its rare earths investments is incorrect.”
Hancock maintains it has made substantial unrealised gains on its investments, although its overall investment returns could not be independently verified from publicly available information.
Moving into precious metals
Hancock’s diversification is also extending into copper, a commodity increasingly important to the expansion of electricity networks, electrification infrastructure and advanced technologies.
In September, Hancock Prospecting agreed to invest $8.77m in White Cliff Minerals (ASX: WCN), which would give the company a 13.5% stake in the copper explorer and make it the company’s largest shareholder, overtaking Mrs Rinehart’s son John Hancock, who has served as a White Cliff non-executive director since August 1, 2025.
At the time of printing, the investment remained subject to shareholder approval, with a meeting scheduled for October 19, 2026.
Proceeds from the placement are earmarked to support the expansion and acceleration of drilling and exploration activities at White Cliff’s Rae copper project in Canada.
In July, Hancock also committed $7.95m to G50 Corp (ASX: G50), a US-focused explorer advancing projects with exposure to gallium, gold, silver and antimony.
Still building in iron ore
The company’s expansion into critical minerals has not come at the expense of its traditional resource portfolio.
The $840m McPhee Creek project in WA’s Pilbara marked a major milestone for Hancock Iron Ore this year.
In June, Hancock Iron Ore received first ore from its McPhee Creek mine, 19 months after first soil was turned, following multiple environmental and regulatory delays.
Feasibility studies for McPhee Creek began in early 2019 after Hancock Prospecting acquired Atlas Iron, with the board formally approving the project in 2021.
The McPhee mine was originally expected to open in 2023 but was delayed until the Federal Government gave the project final approval in September 2024.
Hancock said the milestone reflected an extraordinary program of work, including 100km of upgraded, sealed road infrastructure in collaboration with the State Government, 1 million cubic metres of earthworks and construction of mine infrastructure, workshops and a 220-room camp.
McPhee Creek is located in WA’s northeast Pilbara region, about 100km north of Roy Hill Mine and 30km north of Nullagine.
McPhee Creek will operate as part of the broader Roy Hill system, with primary crushed ore hauled by road train to Roy Hill for processing before being transported to port for export.
“Hancock has continued to grow our iron ore business, achieving first ore at the $840m McPhee Creek site, delivering WA’s newest mine after just 19 months of construction and after several years of approvals, extending the long-term operations of the mega Roy Hill project,” a Hancock Prospecting spokesperson said.
“Roy Hill itself shows the value of persistence: its tenements were applied for in 1992, five months after Mrs Rinehart became executive chairman, and it shipped its first ore in 2015.
“This mega project now forms part of our broader iron ore business, Hancock Iron Ore. Hope Downs 2 is also under development, currently under construction.”
Hope Downs 2 is being developed through Hancock’s 50:50 joint venture with Rio Tinto, with the partners committing US$1.6b to the Pilbara project. First ore is scheduled for 2027.
Future proofing with a broader resources portfolio
Hancock’s diversification is widening its exposure to commodities expected to benefit from growing demand for critical minerals, but the commercial outcomes of many of its newer investments remain years away.
While holdings in established producers provide exposure to operating businesses, projects such as Nolans and Araxá still face the financial, technical and operational hurdles of bringing new mines into production.
“Back in the 1990s Hancock was a tiny company with financial difficulties, today it is a powerhouse,” a Hancock Prospecting spokesperson said.
“Successful resources projects deliver benefits well beyond the project site. They create well-paid jobs, support regional areas, build infrastructure, support many businesses and generate opportunities, while helping supply the energy and essential minerals the world increasingly needs.
“Hancock remains Australia’s largest private corporate taxpayer, paying some $2.6b in Federal and State taxes in the 2025 financial year and almost $23b over the past decade.
“As Mrs Rinehart says when mining does well, Australia – and Australians – do well.”
As governments and industries seek more secure supplies of minerals considered essential to technology, defence, energy and advanced manufacturing, Hancock is positioning itself to participate in projects that could reshape global supply chains.
For now, iron ore remains the foundation of Hancock’s business. Whether its international investments can deliver comparable returns will depend on how successfully those opportunities progress from exploration and development into commercial operations.
The next chapter may therefore be less about Hancock moving away from its roots and more about whether the capital and experience accumulated through its Pilbara operations can establish a similarly successful business across a broader range of commodities.