Gina Rinehart will spend up to $1.1 billion to acquire Mineral Resources’ Lockyer gas project and half of its remaining onshore assets, ending weeks of speculation.
Gina Rinehart’s Hancock Prospecting empire has inked a $1.1 billion deal to acquire embattled Mineral Resources’ Lockyer gas project and co-develop its remaining onshore assets, making the mining giant one of the state’s largest onshore acreage holders.
Gina Rinehart, the billionaire executive chairman of Hancock Prospecting, has long been critical of environmental regulation.It will then hand over a further $327 million, provided certain resource thresholds are met. Hancock Prospecting has vowed to review options to accelerate development at the site in the state’s Mid West, where Mineral Resources had planned to build a 250 terajoule-per-day plant.The deal will substantially expand Hancock Prospecting’s footprint in the Perth Basin and comes one year after the miner snapped up half of the West Erregulla gas field from Warrego Energy.
The deal comes just weeks after WA Premier Roger Cook overhauled the state’s domestic gas policy, allowing companies with onshore tenements to export 20 per cent of the commodity extracted until December 31, 2030.The state had previously introduced a ban on the export of onshore gas but afforded an exemption to the Waitsia project part-owned by Kerry Stokes’ Beach Energy.
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