Hancock Prospecting has recorded a strong end of financial year profit of $5 billion off the back of a supposed push by Rinehart to acquire more lithium assets.
Hancock has been snapping up lithium shares across the Pilbara over the past few months, with industry experts speculating that this buying frenzy was the reason Albemarle backed out of its $6.6 billion takeover deal with Liontown Resources in October.
However, cards are being kept very close to the chest, with the only mention of lithium coming in the form of a comment about the acquisitions.
“Hancock has made significant investments into future metals by acquiring strategic stakes of 19.9 per cent in Liontown and 18.9 per cent in Azure Minerals, the majority of which was acquired subsequent to year end,” the report said.
Hancock’s Roy Hill iron ore mine came out as the largest revenue and profit earner for the year, with strong sales driven from both Roy Hill and Hope Downs.
“Although iron ore prices are lower this year than in 2021 and 2022… Hancock continues to add to its project pipeline with multiple iron ore and other projects continuing through approval processes during the year,” the report said.
“The US, Canada, and Europe, which have higher cost environments than developing economics, are providing significant support for resource development, in particular downstream processing for future metals.”
With so much happening in the lithium world, there may be more than a passing mention of the critical mineral in Hancock’s next financial report.
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