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Metals Australia Limited (“Metals Australia”, the “Company” or “MLS”) is pleased to report its activities for the Quarter ended 30 June 2024 (“Quarter”):
Corporate
- Tanya Newby commenced as Company CFO and Joint Company Secretary1 on 27 May 2024. Tanya is a highly experienced finance executive with a broad background in the resources sector. Consistent with the strategy set by the board, Tanya’s appointment reflects the increased commercial and financial demands on the Company as it rapidly advances the Company’s portfolio of high quality critical and precious minerals on their exploration and development pathways.
- The Company’s cash balance at the end of the Quarter was $17.35 million (Q3 17.86 million), following net outflows of $510k, which included $601K spent on exploration, metallurgical test work and project studies, offset by net Canadian gains of $92K (tax benefits offset by small FX adjustment). All staffing, consultant and administration costs were completely offset by interest earned on fixed term deposits of $314K. Please see details in the Appendix 5b.
Exploration & Project Development
Canadian Projects:
Lac Carheil Graphite – Critical Minerals Project, Quebec, Canada:
Development of Critical & Strategic Minerals 2020-20252. During the Quarter considerable effort was applied to increasing the Company’s profile with government agencies and stakeholders. The project name was changed to Lac Carheil to better reflect its proximity to the major water feature of the same name and to avoid confusion among stakeholders. Various engagements, including consultations, led directly to the submission of an exploration impact assessment for the planned drilling program, consistent with the government’s new regulatory requirements. The Company awaits approval for the program. The Company entered into a series of agreements and launched six work programs, all required as part of our prefeasibility assessment (PFS)3. Major work agreed, underway or planned, included:
- Metallurgical & Laboratory Services – The appointments of SGS Laboratories in Lakefield, Ontario and a specialist client advisor to oversee metallurgical test-work programs associated with the PFS. Test work is advancing with results informing the PFS design team.
- Pre-Feasibility Study (PFS) – Lycopodium Minerals, Canada have commenced design for a 100,000 tonnes per annum flake-graphite concentrate plant, building on the 2021 Scoping Study results4 that demonstrated Lac Carheils potential to generate high operating margins over an initial 14-year mine life - based on the current Mineral Resource alone.
- Downstream graphite purification processing assessment, plant location and Scoping Study to produce battery anode material. ANZAPLAN, a world-leading, German based, metallurgical test-work and process engineering design group will substantially advance on the outstanding results of previous downstream product test-work that produced battery grade (99.96% graphitic carbon (Cg)) spherical graphite (SpG) with excellent battery charging and discharge performance5.
- Drilling and full-service support contract signed with Magnor Exploration to complete the drilling and other exploration programs for Mineral Resource expansion and to test new regional targets at Lac Carheil, where the current Mineral Resource is contained within only 1km of a demonstrated 36km strike-length of high-grade graphitic trends6.
- Product marketing and pricing strategy – Lonestar Technical Minerals has been appointed to guide development of an overall marketing and pricing program for Lac Carheil graphite products.
- Social and stakeholder engagement services – An agreement has just commenced with Quebec based Transfert Environmental to assist with stakeholder engagement.
- Considerable progress was also made on the Mineral Resource estimation, mining, geotechnical, tailings and environmental scopes of work – which are all close to award, subject to a final drilling permit being awarded.
Figure 1: Lac Carheil Graphite Project: Resource Zone, High-grade sample sites, EM indicated graphitic trends
Corvette River Li, Au, Ag & Cu Project – Quebec, Canada
During the Quarter, the Company rapidly advanced planning, design and permitting for an extensive, phased, exploration program at Corvette River (see Figure 2). The aims of the exploration program are to follow up on promising Lithium bearing pegmatites, previously reported as the CR17 Pegmatite (adjacent to Patriot Battery Metals (ASX: PMT) CV9 discovery8,9) and the CS1 Pegmatite10, and historical field sampling with promising gold, silver and copper results11. The Company’s exploration permit, which includes trenching and drilling, was approved during the Quarter.
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Metals Australia
Overview
Metals Australia (ASX:MLS) is a mineral exploration company with a high-quality portfolio of advanced battery minerals and metals projects in Tier 1 mining jurisdictions of Western Australia and Canada. The portfolio comprises two critical minerals projects in Quebec, Canada — the Lac Carheil flake graphite project and the Corvette River lithium (and gold) project. The Australian portfolio comprises four projects: Tennant Creek (copper-gold) in the Northern Territory and Warrambie (lithium, nickel-copper, gold), Murchison (gold) and Manindi (lithium, vanadium-titanium, zinc) – all in Western Australia.
The push for net zero targets and the call from policymakers to transition to cleaner energy has intensified the focus on electric vehicles (EVs) and battery storage. The EV automakers and battery manufacturers, rely on essential materials such as graphite and metals, including lithium, nickel, copper and cobalt, to manufacture the batteries that are used in these vehicles and storage batteries generally. This has driven carmakers and battery manufacturers to partner with battery material suppliers under direct off-take agreements. Further, some automakers/battery manufacturers are buying equity stakes in miners, involving them directly in financing decisions for the development of mining projects. This is encouraging for companies such as Metals Australia as it actively advances its projects towards development.
Figure 2 – Graphite is a Critical Mineral required for the mass electrification of auto transportation.
Metals Australia is focused on progressing its flagship Lac Carheil flake graphite project in Quebec, Canada. The project is well-positioned to supply high quality graphite products, including battery-grade graphite to the North American market – including for lithium-ion and EV battery production in the future. The company announced positive sampling results across a 36-km strike length of identified graphite trends at Lac Carheil, including many values over 20% Cg and an exceptionally high-grade sample containing over 63% Cg. The company has planned a drilling program to test new high-grade zones identified from the sampling program, which will form the basis for upgrading the existing Lac Carheil Mineral Resource. An application for the drilling program is progressing with the Quebec regulator. Additionally, the company has recently commenced a Flake Graphite concentrate prefeasibility study with Lycopodium in Ontario and a downstream battery anode plant design with ANZAPLAN in Germany.
Metals Australia is also advancing its lithium, gold and silver exploration project at Corvette River, which is adjacent to Patriot Battery Metals’ world-class lithium project. Further, the company carries out aggressive exploration programs at its other projects, including Manindi, Warrambie & the Murchison in Western Australia and Tennant Creek in the Northern Territory region of Australia.
Metals Australia is well-funded to complete all its planned exploration and project studies. The cash position at the end of Q1 2024 was AU$17.86 million, which we note was higher than the company’s market capital at current share price. Metals Australia benefits from a team of professionals boasting extensive expertise in geology and mining. The appointment of experienced mining executive Paul Ferguson as the CEO is positive for the company. Since joining in January 2024, he has significantly advanced planning and preparation for the exploration, metallurgical test work programs, and design studies required to move its flagship Lac Carheil high-grade graphite project towards development. The Corvette Project has also completed exploration planning and is now fully permitted for drilling and trenching work during the northern hemisphere summer.
Company Highlights
- Metals Australia is rapidly advancing its flag ship Lac Carheil Graphite Project in Quebec, Canada. In addition, the company has a suite of high-quality exploration projects – including Lithium, Gold and Silver in Quebec, Canada and Lithium, Gold, Copper & Vanadium in Western Australia (WA) and the Northern Territory (NT).
- All projects are in Tier-1 mining jurisdictions (Canada and Australia) with world-class prospectivity and stable geo-politically.
- The company has six key exploration and development projects:
- two in Canada: the Lac Carheil high-grade flake graphite project and the Corvette River lithium and gold-silver-copper exploration project, and,
- four in Australia: Warrambie (lithium, nickel-copper, gold), Murchison (gold) and Manindi (lithium, vanadium-titanium, zinc-silver) in WA, and Tennant Creek (Warrego East copper-gold) in the NT.
- The focus is to rapidly advance its flagship Lac Carheil Graphite Project towards development. A drilling program is already contracted to substantially increase the existing JORC 2012 Mineral Resource of 13.3 Mt @ 11.5 percent graphitic carbon (Cg) and test the potential of the many other identified high-grade graphite trends.
- The 2020 Scoping Study on Lac Carheil based on the existing resource, representing only 1km of drilling out of the total 36kms of identified graphite trends, indicates a 14-year mine life with a production of 100,000 tons per annum and a pre-tax NPV @ 8 percent of US$123 million (~AUD$190 million).
- There are multiple catalysts at Lac Carheil in the near term including a pre-feasibility study (PFS) (underway), a scoping study on downstream battery (anode) - grade graphite production, and planned drilling aiming to at least double the resource as well as test other identified high-grade graphite trends.
- Furthermore, other projects in Canada including the Corvette River lithium and gold targets, and exploration in Australia at Manindi, Warrambie, Murchison and Warrego – are all seeing active progress.
- The company is well-funded to complete all its planned exploration and project studies. The cash position at the end of Q1 2024 was AU$17.86 million.
- Metals Australia is led by a seasoned board and management team possessing extensive mining sector experience and a proven track record of successful discoveries and project developments. With funding in place, the company is well-positioned to capitalise on growth prospects.
Key Projects
Canada
Lac Carheil Flake Graphite Project (MLS 100%)
Conceptual 3D Mining layout from February 2021 Scoping Study (Lac Carheil Project formerly named Lac Rainy Project)
The Lac Carheil Graphite Project is located in eastern Quebec, Canada, a tier 1 mining jurisdiction with access to excellent infrastructure, including hydroelectric power facilities. The project hosts an existing JORC 2012 mineral resource of 13.3 million tons (Mt) @ 11.5 percent graphitic carbon, which was announced in 2020 and a scoping study was completed and reported on in early 2021. Battery test work followed, in Germany, and this demonstrated the Lac Carheil Graphite concentrate could be shaped, purified, coated and used in battery applications with excellent results. Given the above work, the company carried out further field work, recently announcing exceptionally high-grade sampling results from 80 samples on 10 identified graphitic trends across the property. This included a sample containing 63 percent graphitic carbon, and 10 samples containing over 20% Cg. The average grade of the sampling was 11% Cg, which is comparable to the current high-grade resource. The combined strike length of the identified high-grade graphitic zones is over 36 kms. This compares to just 1 km of drilling on 1.6 kms of graphite trend that was utilised to obtain the existing resource. The potential for expanding and upgrading the existing resource remains enormous.
Figure 4 –Lac Carheil Graphite Project - Electromagnetic imagery outlining graphite trends and the resource
Additional drilling and development studies are either planned or are already underway, including a pre-feasibility study for a high grade Flake graphite concentrate product – which has commenced and a downstream purification options assessment and a scoping study for a battery anode facility in North America, which has been contracted. The company also announced it is contract ready for its planned drilling program and will fast-track the program as soon as permits are received from the Quebec regulator.
Corvette River Lithium Project (MLS 100%)
Corvette River Lithium, gold and silver Project is located in Quebec’s James Bay region Metals Australia recently announced that it is fully permitted to advance an extensive field exploration program across its holdings which include the wholly owned East Pontois, Felicie and West Pontois projects, situated within Patriot Battery Metals' (ASX:PMT) CV Lithium Trend, as well as tenements at West and East Eade in the company's parallel Corvette River South Trend. A field mapping and sampling program concluded last year and identified large, potentially lithium-bearing pegmatites immediately along strike from Patriot Battery Metals’ world-class lithium pegmatite discoveries. Additionally, the company has flagged significant gold and silver samples from its review of work previously completed across the field as is illustrated in the diagram below.
Figure 5 – The Corvette Projects in the James Bay region of Canada. Prospective for Lithium, Gold & Silver
Australian Projects
Warrambie Project (MLS 80%)
The Warrambie project is located in the Pilbara region of Western Australia. It is 20 kms west of the Andover Lithium discovery (Azure Minerals (ASX:AZS). Metals Australia has completed geophysical surveys across the area and is identifying targets for further field exploration and drilling.
Warrego East Project (MLS 80%)
Metals Australia acquired the tenements as part of a package purchased from Payne Gully Gold in 2022. The company’s tenements include a granted exploration license (E32725) directly along strike to the east of the Warrego copper-gold deposit, which has a production of 1.45 Million Ounces of gold at 8 grams per tonne and over 90,000 tonnes of Copper at 2%. The Warrego mine operated from the late 1950’s through until 1989. It was found under sedimentary cover. The area and this land package is under detailed review utilizing available geophysical surveys. The company aims to identify further targets hidden under shallow sediment cover.
Big Bell North Project (MLS 80%)
The Murchison tenements were also acquired as part of the Payne Gully Gold transaction. Metals Australia owns exploration licenses at the Murchison gold project, which is adjacent to the >5 million ounces (Moz) Big Bell gold deposit. The company plans to conduct detailed magnetics and gravity surveys to test for extensions and repeats of high-grade gold deposits.
Manindi Project (MLS 80%)
The Manindi project is located in the Murchison District, approximately 500 kms northeast of Perth in Western Australia. The project comprises three mining leases and has an established high-grade zinc mineral resource. The metallurgical test work has located spodumene in samples from a high-grade lithium intersection of 12m @ 1.38 percent lithium oxide, including 3m @ 2.12 percent lithium oxide. The company also made a new vanadium-titanium discovery at the Manindi project.Management Team
Paul Ferguson – Chief Executive Officer
A Mining Engineer, Paul Ferguson has over three decades of experience in the resources and energy sectors across North America, Asia and Australia. He has extensive project development and operational experience working in Canada. He has worked in oil & gas major ExxonMobil across project stages, including feasibility, design, construction, and operation. He has worked in Executive level roles within Australia, including at GMA Garnet and held increasingly more senior roles with BHP (Iron Ore & Coking Coal) and then with Exxon Coal Minerals and Mobil Oil Australia during the early stages of his career.
Tanya Newby – CFO and Joint Company Secretary
Tanya Newby is a finance and governance professional with over 20 years experience in various corporate and commercial roles. She has a strong background in the resources sector and has provided financial advice and assistance to a number of publicly listed entities through exploration, project development through to the production stage. Tanya is a member of the Institute of Chartered Accountants, Member of the Governance Institute of Australia and a Graduate Member of the Institute of Company Directors.
Michael Muhling – Joint Company Secretary
Michael Muhling has over two decades of experience in the resources, including 15 years in senior roles with ASX-listed companies. He is a fellow of CPA Australia, The Chartered Governance Institute, and the Governance Institute of Australia.
John Dugdale – Technical Advisor
John Dugdale is a geologist with over 35 years of experience in the discovery and development of graphite, lithium, gold, nickel and copper projects. His corporate experience includes serving as a director and CEO of several junior resource companies focused on nickel-cobalt, graphite and copper-gold projects. Additionally, he has experience in funds management with Lion Selection Group.
Chris Ramsay – General Manager Geology
Chris Ramsay is a geologist and project manager with over 25 years of experience in the global mining industry. He has been involved in exploration, mine development and operations for mining projects in Australasia, Southeast Asia, and parts of Africa and North America.
Board
Michael Scivolo – Non-executive Chairman
Michael Scivolo has extensive accounting and taxation experience for corporate and non-corporate entities. He was a partner/director at a CPA firm until 2011 and has since been consulting in accounting and taxation. Scivolo is on the boards of several ASX-listed mining companies, including Sabre Resources, Golden Deeps and Tennant Minerals Ltd.
Alexander Biggs – Non-executive Director
Alexander Biggs has over 20 years of experience in the mining and engineering sector. During his career, he has been involved in various activities, including operations, consulting, finance and capital raising. He is currently the managing director of Lightning Minerals (ASX) and was previously the managing director of Critical Resources (ASX:CRR). Biggs is a member of the Australian Institute of Mining and Metallurgy and a graduate of the Western Australian School of Mines.
Rachelle Domansky – Non-executive Director
Rachelle Domansky is an ESG specialist and a consulting psychologist for businesses, governments and educational institutions in the Asia-Pacific region. In addition to Metals Australia, Rachelle holds non-executive board positions at Quebec Lithium and Access Plus WA Deaf.
Basil Conti – Non-executive Director
Basil Conti has been associated with the mining industry for over 25 years. He is a fellow of the Institute of Chartered Accountants Australia & NZ and was a partner/director of a chartered accounting firm in West Perth until 2015.
High-quality graphite project with accelerated development pathway and outstanding portfolio of exploration properties, highly prospective for lithium, gold and copper-gold discoveries.
Expert: African Lithium Key to China's Battery Supply Chain Dominance
“China needs growing feedstock to supply its chemical demand,” Cook explained at Fastmarkets' Lithium Supply & Battery Raw Materials event, “and Africa is of growing importance in fulfilling this gap.”
Between 2025 and 2035, lithium production across Africa is projected to increase by a staggering 127 percent, driven by new mines in Zimbabwe, Mali, Ethiopia and Namibia. Cook highlighted that against that backdrop Africa’s share of global lithium supply will surge from a small fraction today to around 80 percent by 2030.
The motivation for China is clear: the Asian nation cannot meet demand by tapping domestic sources alone. China’s hard-rock lithium supply has a growing deficit that will multiply fivefold by 2035.
“That deficit is growing and is said to be a five times increase from 2020 to 2035,” Cook said, pointing to forecasts of rising chemical demand from Chinese battery producers. As a result, Chinese firms have aggressively invested in African lithium projects, locking up supply in countries with looser regulatory controls and cheaper production costs.
In Zimbabwe and Mali, Chinese ownership of lithium mines is expected to remain significant, even if the share of Chinese-owned production in Africa declines modestly from 79 percent in 2025 to 65 percent by 2035.
“In 2025, African output is set to have 79 percent of it being China owned, and that percentage reduces down to 65 percent in 2035,” Cook stated, adding that overall output will still nearly double.
As a result, total Chinese-controlled volumes will keep rising.
Zimbabwe’s rising role in the lithium sector
Zimbabwe in particular has positioned itself at the heart of Africa’s lithium expansion.
Under its Vision 2030 program, introduced in 2018, the country is aiming to transition to an upper- to middle-income economy by building more domestic value from its minerals. As part of this framework, authorities have prioritized increasing value addition and beneficiation of raw materials as a central pillar of economic growth
Zimbabwe's 2022 ban on raw lithium ore exports, coupled with a planned 2027 ban on concentrate exports, is designed to force local upgrading and refining. Chinese-backed operators have already responded to this move, investing in midstream processing facilities that convert lithium ore into more valuable chemicals.
Cook said there were no surprises in Zimbabwe’s 2027 concentrate ban because Zimbabwe’s largest lithium projects — Arcadia and Bikita — had already planned sulfate plants late last year.
Both projects are already dominated by Chinese investors. In fact, Cook said Zimbabwe could soon become the fifth-largest producer of mined lithium globally, with Chinese interests controlling as much as 90 percent of its output.
Slide from Cook showing Zimbabwe's future lithium supply dominance in Africa.
Image via Georgia Williams.
Despite this surge, Africa’s lithium boom is hardly risk-free. Cook flagged serious challenges in transport, electricity and worker conditions in her presentation at the Fastmarkets conference.
“Local workers often also tend to be within the lower skilled jobs, and unlike the Australian mines, a lot of that work is done manually, which can mean there is an increased risk to personal safety,” she said.
Road bottlenecks and port congestion in countries like South Africa hamper exports, while rolling blackouts push some miners to build their own power infrastructure. However, China’s Belt and Road Initiative is easing some of those pain points, upgrading key transport corridors to keep African lithium flowing.
China pushing to secure lithium supply
Domestically, China is also seeing a shift in how it sources lithium.
Benchmark Mineral Intelligence data shows that brine-based production, once a major source for China, is declining relative to hard rock. By 2035, hard rock will make up the majority of Chinese feedstock.
Cook speaks on stage at the Fastmarkets event.
Image via Georgia Williams.
While the reopening of CATL's (SZSE:300750,HKEX:3750) mine in Jiangxi province this year will help, Cook argued that China is still structurally dependent on Africa and other regions to fill the supply gap.
That dependence, she said, is at the heart of Beijing’s long-term lithium security push. “China is directly investing to secure supply, to get that hard-rock feedstock," she commented.
Future regional lithium players in Africa
While Zimbabwe, along with Mali, is grabbing attention now, Cook forecast that new African lithium suppliers will emerge by 2035, including Ethiopia, Namibia and the Democratic Republic of Congo.
She also noted potential future lithium supply growth from Rwanda, Nigeria and Côte d'Ivoire, even though these countries are still years away from commercial production.
This potential dominance could come with price advantages too.
African lithium projects often have lower upfront costs compared to Australia because of their lower grades and cheaper labor, even though they may face higher impurities and weaker ESG oversight.
“It also means that in terms of pricing, we see that the spodumene price that's coming out of some of these projects is typically around US$20 to US$30 lower than the spot price that you'll see quoted by Newcastle,” Cook noted.
Still, quality issues and chronic underinvestment in African infrastructure could slow progress. Cook emphasized that transport, electricity reliability and governance will determine whether Africa can live up to its lithium promise.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Market Pain, Strategic Gain: Pilbara Minerals' Dale Henderson on Today's Lithium Paradox
Lithium's strong long-term fundamentals
Henderson began by going over key numbers relevant to the lithium sector. According to the CEO, there was a 26 percent year-on-year increase in demand for electric vehicles (EVs) from 2023 to 2024.
Lithium plays a vital role in the production of EVs, as it is a key component of the batteries that power them.
Alongside that EV demand increase, mass energy storage also saw a 51 percent leap.
“I don’t think there’ll be any deniers around the long-term prospects of lithium, but it's worth reflecting on how quickly it’s changing," Henderson told the Fastmarkets audience.
Henderson speaks on stage at the Fastmarkets event.
Image via Georgia Williams.
Looking at areas connected to lithium, Henderson mentioned solar, saying it now surpasses all power-generation technology investment combined. Solar falls under the clean energy umbrella, which receives more than $2.2 trillion in investment per year — twice the amount of investment made in fossil fuels.
“We are witnessing and (are) part of an incredible period. Technology, policy (and) consumer sentiment can continue to drive what is a structural shift towards electrification," he said. "Lithium remains at the center of this shift."
The paradox, according to Henderson, is that while scaling up is happening, prices have been cycling down.
“We’re 12 months into a period of curtailments and reset. And where we are now — we sit deep into the cost curve with price levels, of course, at unsustainable levels for many operators," he noted.
"But these cycles, or these resets, offer a fantastic reset for market, albeit they're painful.”
The Pilbara CEO emphasized that while lithium prices have fallen to “clearly unsustainable” levels, the long-term demand and strategic relevance of lithium will survive it.
“This is not a short-term trend. This is a structural transformation, and lithium remains at core.”
Pilbara Minerals' lithium strategy
Looking over to Pilbara Minerals, Henderson went over its recent achievements and future plans.
“We’re keeping our lives absolutely committed to our strategy,” he said about the company, adding that the past year was Pilbara Minerals' “most transformational year for business.”
Highlights from the period include the acquisition of Latin Resources and its flagship Salinas lithium project in Brazil, which was announced in August 2024 and closed this past February.
The CEO also discussed the company’s flagship Pilgangoora operation, which he described as a globally significant tier-one lithium asset with a mine life of 33 years. Pilgangoora is located 140 kilometers from Port Hedland in Western Australia and is one of the world’s largest hard-rock lithium operations.
Pilbara Minerals has completed two expansions, including the buildout of the world’s largest hard-rock ore-sorting plant, which aims to improve lithium recovery, increase final product quality and reduce energy consumption.
In addition to that, Henderson said Pilbara Minerals boosted its reserves by 23 percent last year.
Furthermore, the company became a lithium hydroxide producer via its partnership with POSCO Holdings (NYSE:PKX,KRX:005490), and is working on a demonstration plant for its midstream project.
In January, the Western Australian government’s Investment Attraction Fund contributed AU$15 million for work at the plant, which is a joint venture with Calix (NYSE:CALX,ASX:CXL).
Henderson said the demonstration plant is currently under construction.
Last year, Pilbara Minerals contributed approximately 8 percent to global lithium supply. The company’s cash balance currently stands at AU$1.1 billion.
Lithium industry must align for success
According to Henderson, certainty and efficient operations are everything in today’s lithium market.
“Government policy is forcing change, both in sticks and carrots, and supply chain diversification is underway, but largely the processing remains very much concentrated," he said.
Henderson highlighted coordination and collaboration as key points, saying that thriving in this environment means building deeper integration across the supply chain.
Lithium industry challenges and opportunities.
Chart via Pilbara Minerals.
He added that the lithium industry is not the first sector to grow from a small base and has yet to mature on a number of dimensions. Henderson summarized his key recommendations into four points:
- Support a central and efficient spot market trading location
- Put a trusted futures exchange in place
- Align on specifications across the lithium product site
- Align on standardized trading terms
He also presented a list of challenges and corresponding opportunities regarding the lithium market, saying that while there’s a lot of pain in the industry, it's also the time for great partnerships to be forged.
“This industry will evolve with or without our stewardship. This is a call to leadership across our group,” he concluded. “The challenge is ours. The opportunity is real. Let's build it together and turn this market pain into a strategic avenue.”
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Inside Billionaire Gina Rinehart's Key Mining Investments
In addition to Arafura, entrepreneur Rinehart’s investment portfolio contains other ex-China, green-transition-focused companies like Australian lithium firm Liontown Resources (ASX:LTR,OTC Pink:LINRF), as well as rare earths producers MP Materials (NYSE:MP) and Lynas Rare Earths (ASX:LYC,OTC Pink:LYSCF). Rinehart’s role in the acquisition of Azure Minerals’ Andover lithium project in Western Australia alongside lithium giant SQM (NYSE:SQM) also made headlines.
In this article
- Who is Gina Rinehart?
- How did Gina Rinehart get rich?
- What mining companies does Gina Rinehart own?
- Where does Hancock Prospecting mine iron?
- Gina Rinehart’s iron ore investments
- Gina Rinehart’s lithium investments
- Gina Rinehart’s rare earths investments
- Gina Rinehart’s copper investments
- Gina Rinehart’s oil and gas investments
- Gina Rinehart’s potash and agriculture investments
- FAQs for Gina Rinehart
Who is Gina Rinehart?
Gina Rinehart is an Australian iron ore magnate and the executive chair of Hancock Prospecting, as well as the richest person in Australia and one of the world’s richest women. Rinehart is the daughter of Australian mining mogul and Hancock Prospecting founder, the late Lang Hancock. As the current executive chair of Hancock Prospecting, Rinehart won the inaugural Lifetime Achievement Award from CEO Magazine in 2019.
Rinehart was appointed as an Officer of the Order of Australia in 2022 for her “distinguished service to the mining sector, to the community through philanthropic initiatives, and to sport as a patron.”
How did Gina Rinehart get rich?
Gina Rinehart's Hancock Prospecting acquired the Roy Hill tenements in 1993. Centering the massive project as the cornerstone of the company, Hancock Prospecting has greatly benefited from the iron ore market boom that began in the early 2000s.
Today, Roy Hill is Australia’s largest iron ore mine, producing 60 million to 70 million tonnes of iron ore per year. Success at Roy Hill has made Hancock Prospecting Australia’s most valuable private company at an estimated AU$15.6 billion.
As with many of the world’s most successful billionaires, Gina Rinehart has developed an investment strategy based on strategic partnerships as well as diversification to mitigate risk and build value. Under her leadership, Hancock Prospecting Pty Limited (HPPL) as well as the HPPL Group of companies has expanded into some of the world’s most economically important markets, such as real estate, agriculture, energy and critical metals.
For the 2024 fiscal year, Rinehart's Hancock Prospecting reported a bumper profit of AU$5.6 billion, up 10 percent from the previous year.
What mining companies does Gina Rinehart own?
Through her company Hancock Prospecting, Gina Rinehart owns interest in mining companies across many sectors, including iron ore, lithium, rare earths, copper, oil and gas, as well as potash.
While much of her investment portfolio is focused on Australia and ASX companies, Rinehart is actively strengthening the geographical diversification of her investments.
In recent years, Rinehart has made a series of key investments in mining companies, especially targeting critical metals projects in Germany, Brazil, Ecuador and the United States. These include exploration-stage firms such as Titan Minerals (ASX:TTM) and Azure Minerals as well as producers such as Atlas Iron and MP Materials.
Where does Hancock Prospecting mine iron?
Vehicles hauling ore at Roy Hill iron ore mine.
Photo of Roy Hill iron ore mine via Roy Hill.
Hancock Prospecting’s Roy Hill and Hope Downs iron ore mines are in Western Australia's resource-rich Pilbara region.
Roy Hill has attracted strategic partnerships with major global enterprises: Marubeni (TSE:8002) has a 15 percent equity stake, POSCO Holdings (NYSE:PKX,KRX:005490) has a 12.5 percent stake and China Steel (TPE:2002) has a 2.5 percent stake. The minority partners purchase a combined 28.75 million tonnes of iron ore annually from Roy Hill’s production.
In September 2024, Hancock Prospecting got the green light for its AU$600 million McPhee iron mine located about 100 kilometres north of the Roy Hill mine after a long approval process.
The McPhee iron mine is expected to produce around 10 million tonnes of the metal each year over an estimated 15 year mine life. First production is expected to kick off next year, and ore will be transported by road trains to Roy Hill for processing and blending. The goal is to improve the larger mine's product mix and sustain its production volumes.
The Hope Downs iron ore complex is another of Australia’s largest iron ore projects. A 50/50 joint venture partnership with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), Hope Downs hosts four open-pit mines and has an annual production capacity of 47 million tonnes. Hope Downs has also been the subject of a more than decade-long civil dispute in a Western Australian court over royalties, put forth by the descendants of Lang Hancock's business partner Peter Wright as well as Rinehart’s own children.
In June 2025, the partners announced a combined investment of US$1.6 billion to develop the Hope Downs 2 iron ore project, a part of the main JV. The project hosts the Hope Downs 2 and Bedded Hilltop deposits, which together will have a total annual production capacity of 31 million tonnes.
Gina Rinehart’s iron ore investments
Gina Rinehart’s iron ore investments in Western Australia extend beyond Roy Hill and Hill Downs to Atlas Iron’s three producing mines and a pipeline of development projects.
Rinehart’s Hancock Prospecting acquired Atlas Iron in 2018 through a AU$427 million deal that turned out to be dirt cheap as the company would go on to deliver AU$1.5 billion in revenues over the next three years alone.
Today, Atlas Mines operates the Mount Webber, Sanjiv Ridge and Miralga Creek mines. Production from these mines in its fiscal year ended June 2023 led to a AU$222 million dividend payment for Rinehart’s Hancock Prospecting.
As of July 1, 2025, Hancock Prospecting has consolidated its Roy Hill and Atlas Iron under the new name Hancock Iron Ore. The new entity represents combined iron ore exports of about 74 million tonnes per year.
Additionally, Hancock has an earn-in agreement on Legacy Iron Ore (ASX:LCY) and Hawthorn Resources’ (ASX:HAW) Mount Bevan project through its subsidiary Hancock Magnetite Holdings.
At Mount Bevan, as part of its earn-in agreement, Hancock completed a prefeasibility study (PFS) for a 12 million tonne per year high-grade magnetite project in July 2024. The PFS incorporates a resource estimate totalling 1,291 million tonnes, which was completed by Atlas, and delineates a capital cost of AU$5 billion to develop Mount Bevan.
Completion of the PFS increased Hancock’s stake in the joint venture from 30 percent to 51 percent, with Legacy now holding 29.4 percent and Hawthorn holding 19.6 percent.
Like iron, coal is another essential material in steel manufacturing. To this end, Rinehart is also pursuing an investment in a past-producing metallurgical coal mine in Alberta, Canada. Hancock Prospecting subsidiary Northback Holdings is the owner of the proposed Grassy Mountain steelmaking coal project in the province’s Crowsnest Pass region.
Exploration licences for the Northback project were greenlit by Alberta regulators in May 2025.
Gina Rinehart’s lithium investments
Gina Rinehart's lithium investments include Azure Minerals’ (ASX:AZS) Andover lithium project, Liontown Resources, Delta Lithium (ASX:DLI) and Vulcan Energy Resources (ASX:VUL).
The majority of her lithium investments came in a flurry in 2023 and 2024.
In June 2023, Rinehart’s Hancock Prospecting signed a separate joint venture earn-in agreement for the Mount Bevan magnetite project discussed above, this time for the lithium, nickel and copper mineralization at the project. The agreement will similarly see Hancock able to earn a 51 percent interest by completing certain milestones.
In September 2023, Rinehart made headlines when she took a position in Liontown Resources and then rapidly increased the position to 19.9 percent over the following month. This allowed Hancock, which was now Liontown's largest shareholder, to effectively block Albemarle’s (NYSE:ALB) accepted takeover of the smaller lithium company.
However, Liontown took a hit as the economics for its near-production Kathleen Valley lithium project in Western Australia were affected by high inflation and low lithium prices. In January 2024, Albemarle decided to sell off its 4 percent stake in Liontown. The lack of any further moves or comment by Rinehart in relation to Liontown Resources has led to speculation she may be waiting for the right opportunity to buy up the lithium company at a discount.
Kathleen Valley entered open-pit production in late July 2024, and is expected to produce approximately 500,000 tonnes per year of spodumene concentrate per year. In April of this year, the operation became Australia's first underground lithium mine when it commenced production from its Mount Mann deposit. Liontown plans to fully transition production to the underground mine in its fiscal 2026.
Albemarle's Liontown acquistion wasn't the only lithium bid Rinehart blocked in October 2023. As is her strategy, Rinehart scooped up an 18.9 percent stake in Azure Minerals after SQM announced its intention for a total takeover of the company and its Andover lithium project in the West Pilbara region of Western Australia.
This story had a different ending, though, as Hancock Prospecting instead joined the lithium giant in a AU$1.7 billion deal to become a co-owner of the exploration-stage Andover project. The deal closed in May 2024.
Shortly after its Liontown and Azure moves, Hancock Prospecting continued investing in Western Australia's lithium prospects when it participated in a AU$70.2 million fundraising for Delta Lithium in November 2023. The proceeds will help Delta Lithium to fund the development of its Mount Ida lithium-gold project, which is adjacent to Hancock's Mount Bevan joint venture project. As of November 2024, Hancock Prospecting owns 10.65 percent of Delta Lithium.
Rinehart has made lithium investments outside of Australia as well. Looking further afield to Germany, with a 7.5 percent stake, Hancock Prospecting is the second largest shareholder in Vulcan Energy and its flagship Zero Carbon lithium project in Germany’s Upper Rhine Valley, a milestone Rinehart's company reached after investing an additional AU$20 million in Vulcan, which made headlines in June 2024. The Zero Carbon project is slated to produce an initial 24,000 tonnes of lithium hydroxide by the end of 2025, targeting Europe’s electric vehicle manufacturing sector.
In November 2024, Vulcan Energy reached another major milestone with first production at its downstream lithium hydroxide optimisation plant, which is designed to produce lithium hydroxide and battery-grade lithium hydroxide monohydrate. In May 2025, Vulcan commenced drilling on its first new geothermal energy-lithium well in Landau, Germany, as part of its Phase 1 Lionheart project. The site currently holds four production and re-injection wells and the company aims to add 24 more that will produce hot lithium brine. Vulcan plans to use the new production to increase its geothermal energy production and begin commercial lithium production.
Gina Rinehart’s rare earth metals investments
Facilities at MP Materials' Mountain Pass rare earths mine.
clayton harrison / Shutterstock
Through Hancock Prospecting, Gina Rinehart has made investments in some of the world’s most well known rare earth mineral producing companies — US-based MP Materials and Australia’s Lynas Rare Earths — as well as development-stage Arafura Rare Earths and exploration-stage Brazilian Rare Earths (ASX:BRE). Rinehart taking a position in these rare earths companies shows she is looking to capitalise on the significant need for these critical metals outside of China.
As mentioned in the introduction to this article, Rinehart’s Hancock Prospecting is the largest shareholder of Arafura Rare Earths, giving it a 10 percent stake in the advanced-stage Nolans project in the Northern Territory, Australia. Rinehart made the investment in December 2022.
In April 2024, Rinehart made two significant moves into the sector. The first came on April 9, when it was revealed that Hancock Prospecting had acquired a 5.3 percent stake in MP Materials, the second largest rare earths producer outside of China. The company’s California-based Mountain Pass mine is the only integrated rare earth mining and processing operation in North America.
Rinehart’s investment in MP Materials could later bring in “Roy Hill-type cash flow,” Dylan Kelly, head analyst at Terra Capital, told Australian Financial Review. “Anything that is producing and not China-aligned is highly strategic. These materials are very, very hard to make and there’s a lot of demand in making magnets for electric vehicles and wind turbines."
One week later, Rinehart’s Hancock Prospecting also took up a 5.82 percent interest in Lynas Rare Earths, the largest ex-China rare earths producer. The Australian rare earths miner produces the critical metals at its Mount Weld mine in Western Australia and ships the raw material to Malaysia for processing. Lynas is also ramping up processing at its Kalgoorlie rare earth processing facility in Australia, and building light rare earths processing facilities and a heavy rare earths separation facility in Texas, US.
Rinehart’s near simultaneous investments in both Lynas and MP Materials comes after merger talks between the two rare earths behemoths stalled in February 2024. There was speculation stirring that Rinehart’s participation could renew merger discussions, Reuters reported.
In November 2024, the mining mogul increased her position in MP Materials to 8.5 percent, further raising the possibility of a merger down the road. As for Lynas, she raised her stake to 7.14 percent in July 2024 and then 8.21 percent in January 2025.
Rinehart is also getting her foot in the rare earths door at the exploration level. In 2023, Rinehart’s Hancock Prospecting made a pre-IPO investment for a 5.85 percent share in Brazilian Rare Earths, which went on to list on the ASX in December of that year. The rare earth explorer is working its district-scale Rocha da Rocha rare earth asset in the state of Bahia, Brazil. The province is highly prospective for both heavy and light rare earths, with grades of over 40 percent total rare earth oxides found. Brazilian Rare Earths is working to complete an updated JORC mineral resource estimate.
Gina Rinehart’s copper investments
Gina Rinehart’s copper investments are centered on Ecuador’s Andean copper-gold belt, and include explorer Titan Minerals and Ecuador's state-owned Empresa Nacional Minera (ENAMI).
Ecuador has seen a rush of major mining companies taking up positions in key copper and gold projects in recent years, placing Hancock Prospecting in the company of Barrick Mining (TSX:ABX,NYSE:B), Zijin Mining (HKEX:2899) and Anglo American (LSE:AAL,OTCQX:AAUKF).
Rinehart’s Ecuadorian copper investments are in line with her shift toward the critical metals necessary for the green transition and her strategy to expand the global footprint of her mining empire.
Hancock Prospecting subsidiary Hanrine Ecuadorian Exploration and Mining has been in the region since 2017, and has continued to make more investments. In March 2024, Hancock Prospecting subsidiary Hanrine Ecuadorian Exploration and Mining acquired a 49 percent stake in six mining concessions for AU$186.4 million. The deal sees it partner with state mining company ENAMI for the concessions, which surround the stalled Llurimagua copper-molybdenum project in Northern Ecuador.
In late April 2024, Ecuador’s constitutional court nixed appeals by ENAMI and its partner in the Llurimagua project, Chile’s state-owned CODELCO, to review the March 2023 decision by Imbabura’s provincial supreme court suspending the environmental licence for Llurimagua.
Shortly after the investment with ENAMI, Rinehart's Hanrine made another play in Ecuador by striking an earn-in agreement with Titan Minerals for up to an 80 percent ownership stake in the explorer’s Linderos copper-gold project contingent on up to AU$120 million in exploration spending. Linderos is an early-exploration stage project with the potential to host a large-scale copper porphyry system. Hanrine has made an initial investment of AU$2 million for a 5 percent stake.
Gina Rinehart’s oil and gas investments
Gina Rinehart’s oil and gas investments include private firms Warrego Energy in Western Australia and Senex Energy in Queensland.
In February 2023, Hancock Prospecting won a protracted bidding war for the then-public Warrego with Warrego's joint venture partner Strike Energy (ASX:STX) at a price of AU$0.36 per share. Warrego and operator Strike Energy maintain their 50/50 joint venture on the West Erregulla onshore gas field within exploration permit EP 469 near Perth in Western Australia.
In mid-August 2024, the West Erregulla project received its production licence. During Phase 1, the project is expected to produce 87 terajoules per day.
As for Senex Energy, it is a joint venture between POSCO (50.1 percent) and Hancock Prospecting subsidiary Hancock Energy (49.9 percent) that holds the Atlas and Roma North natural gas developments in Queensland’s Surat Basin. The two JV partners acquired Senex in 2022, with Rinehart’s company putting up AU$440.89 million.
Senex Energy has embarked on a AU$1 billion expansion endeavor at Atlas and Roma North that will see 60 petajoules of natural gas delivered to Australia’s east coast market annually by the end of 2025. This figure represents more than 10 percent of the region’s demand. Regulatory approval for the expansion was finally received following an uphill battle with a Federal government more interested in renewable energy projects than the natural gas variety. Hancock Prospecting reported the first flows of gas production from the expansion field in late November 2024.
Rinehart once had a significant stake of nearly 20 percent in Lakes Oil, now Lakes Blue Energy (ASX:LKO), through subsidiary Timeview Enterprises. Timeview's stake in Lakes Blue Energy has been lowered in recent years, but it remains the company's fourth largest shareholder at 4.63 percent.
In late October 2024, Rinehart offered financial assistance to Mineral Resources (ASX:MIN,OTC Pink:MALRF), a diversified mining company with lithium, iron ore and oil and gas operations in Western Australia. Headed by another mining heavyweight, Chris Ellison, Mineral Resources (MinRes) is reportedly drowning in debt and embroiled in a tax evasion investigation. At that time, Hancock Prospecting agreed to a AU$1.13 billion buyout of MinRes' oil and gas projects in the Perth Basin and an exploration acreage in the Carnarvon Basin.
The 100 percent sale of two of MinRes' exploration permits to Hancock was completed in December 2024 for initial consideration of AU$780 million, with potential for up to AU$327 million depending on whether certain conditions and thresholds are met. The permits include the Moriarty Deep prospect and the Lockyer gas and Erregulla oil discoveries.
Separate to that sale, the two companies are also forming two 50/50 exploration joint ventures for MinRes' remaining permits in the Perth and Carnarvon Basins. Hancock will acquire 50 percent of the MinRes Explorer drill rig, which is the largest in Australia.
Gina Rinehart’s potash and agriculture investments
Gina Rinehart’s potash and agricultural investments center on Hancock Prospecting’s ownership interests in multiple premium cattle stations in Australia, and the company's royalty revenue generated from the Anglo-American-controlled Woodsmith potash project currently under construction in the United Kingdom.
With an original investment of AU$380.6 million in 2016 to then-owner Sirius Minerals, Hancock Prospecting has a 5 percent revenue royalty on the first 13 million tonnes of fertiliser produced from Woodsmith and 1 percent thereafter. Hancock also has a 20,000 tonne per year offtake option. The timeline for Rinehart’s royalty revenue has been pushed back, however, as Anglo is cutting spending at Woodsmith following BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) failed mega-merger with Anglo American.
Investor takeaway
With Gina Rinehart at the helm of Hancock Prospecting, the Roy Hill iron ore mine has generated stellar revenues.
That wealth creation not only made her Australia's richest person, but has also built a powerful war chest from which Rinehart is expanding her mining empire.
Investors can take cues from her recent and future moves in the mining sector. Although she may be defensive toward renewable energy technologies encroaching on agricultural land, she understands the strategical importance of investing in critical metals for the green transition such as lithium, rare earths and copper.
FAQs for Gina Rinehart
How much is Gina Rinehart worth?
Gina Rinehart's net worth is reported to be AU$38.11 billion, maintaining her spot as the richest Australian, according to figures from the Australian Financial Review's Rich List 2025. However, her total wealth is down 6 percent over the previous year.
"Iron ore magnate Rinehart has topped the Rich List for the sixth year in a row, but the falling iron ore price has hit the valuation of her Hancock Prospecting, wiping around $2b off her estimated net worth," the list's authors explain.
What company does Gina Rinehart own?
Gina Rinehart owns Hancock Prospecting, a private company founded by her late father Lang Hancock. Originally an iron ore mining company, today the firm has strategic stakes in a wide-range of metals and commodities from lithium and rare earths to copper and agriculture, which are detailed in this article.
Can I buy shares in Hancock Prospecting?
While investors can't buy public shares in privately held Hancock Prospecting, they can take equity positions in the publicly traded stocks in which the company itself holds interest. Some of these stocks include Arafura Rare Earths (ASX:ARU,OTC Pink:ARAFF), Liontown Resources (ASX:LTR,OTC Pink:LINRF), MP Materials (NYSE:MP) and Lynas Rare Earths (ASX:LYC).
Does Gina Rinehart own Rio Tinto?
Although she has interest in many mining companies and the two companies share the Hope Downs joint venture, Gina Rinehart does not own mining giant Rio Tinto. Market Screener reports that Aluminum Corporation of China (SHA:601600) is its largest shareholder at 14.5 percent, followed by BlackRock (NYSE:BLK) and others at around 3 percent and below.
What does Gina Rinehart think about nuclear energy?
Gina Rinehart is pro-nuclear energy. During a speech at The Australian Bush Summit in 2023, she railed against the impact of wind and solar farms on much needed agricultural land in Australia. She suggested that nuclear energy offers a more viable solution for reaching the country's net zero targets.
Is Gina Rinehart the richest person in Australia?
Gina Rinehart is the richest person in Australia with a net worth of AU$38.11 billion. In 2025, she topped the Australian Financial Review's Rich List for the sixth consecutive year in a row. The next richest Australian, real estate developer Harry Triguboff, trails her at AU$29.65 billion.
Is Gina Rinehart the richest woman in the world?
Gina Rinehart is not the richest woman in the world. While she did rank as the world's ninth richest woman in 2024, as of March 2025, she is no longer in the top ten. The distinction of richest woman in the world goes to Walmart (NYSE:WMT) heiress Alice Walton. Rinehart previously held the title in 2012.
This is an updated version of an article first published by the Investing News Network in 2024.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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