Inside Hancock’s expanding $50bn mining empire

Originally published by Engel Schmidl of Australian Resources and Investment

Hancock Prospecting’s $50 billion empire is expanding well beyond its Western Australian iron ore heartland, with Gina Rinehart’s privately owned mining group building a portfolio spanning rare earths, copper, gold, energy and international exploration.

The scale of that expansion is evident in Hancock’s latest financial results, which reveal a company using earnings from its established iron ore operations to pursue opportunities across Australia and overseas.

For the financial year ended June 30, 2026, Hancock reported a net profit after tax of $2.79 billion on revenue of $11.67 billion, while total assets climbed to $50.3 billion, up from $43.9 billion a year earlier.

Although net profit declined from $3.08 billion in FY25, total comprehensive income, which includes gains and losses on Hancock’s investment portfolio, rose from $3.53 billion to $5.15 billion.

The results highlight the financial capacity underpinning investments extending from Australian critical minerals explorers to Saudi Arabian copper and gold projects and technology giant SpaceX.

Iron ore remains the engine

Hancock Iron Ore (HIO), which brought Roy Hill and Atlas Iron under one banner in July 2025, produced 71.5 million tonnes during FY26 and generated $1.8 billion in net profit.

The division supported $2.6 billion in dividends, taking cumulative dividends from the two operations to $18.1 billion.

Meanwhile, the Hope Downs joint venture with Rio Tinto produced 36.5 million tonnes on a 100 per cent basis and contributed $500 million to Hancock’s net profit.

The $2.3 billion Hope Downs 2 development delivered first ore in February, with its two new pits expected to provide annual capacity of 31 million tonnes once fully ramped up.

Elsewhere, Hancock officially opened its McPhee Creek mine in October, adding another source of ore for processing through Roy Hill.

The proposed Mulga Downs development represents another growth opportunity, targeting production of approximately 10 million tonnes annually over a mine life of around 17 years. A final investment decision is targeted for the end of 2026, subject to outstanding approvals.

Critical minerals attract Hancock capital

Hancock’s investment portfolio includes rare earths producers Lynas Rare Earths and MP Materials, developer Arafura Rare Earths and emerging explorers across several commodities.

The holdings provide exposure to materials used in advanced manufacturing, defence technologies and electrification.

Hancock has strengthened its position in Brazilian rare earths and niobium developer St George Mining, committing $20 million to a $60 million placement supporting development of the Araxá project.

During the past year, Hancock also committed capital to ASX-listed G50 Corp as part of a $26.25 million placement.

The investment supports exploration at G50’s Golconda project in Arizona and White Caps project in Nevada, where the company is pursuing gold, gallium and antimony opportunities.

The gallium and antimony exposure is particularly significant given efforts by the United States to strengthen domestic critical minerals supply chains.

Hancock has also backed Ballard Mining, which raised $61 million to accelerate drilling and early development at its Mount Ida gold project in Western Australia.

Copper has emerged as another investment target, with Hancock committing approximately $8.77 million to acquire a 13.5 per cent strategic stake in ASX-listed White Cliff Minerals.

The investment supports exploration at White Cliff’s Rae project in Canada, where the company is pursuing a potential district-scale copper opportunity.

Other portfolio companies highlighted in Hancock’s annual results include Azure Minerals, which is progressing the Andover bankable feasibility study, and Liontown, which moved into positive cash flow.

Saudi Arabia opens another frontier

Hancock is progressing two exploration joint ventures in Saudi Arabia, extending its interests into a jurisdiction seeking to develop its mineral resources industry.

The first is a 50:50 partnership with ARTAR and Gold & Minerals Company covering the Al Hajar North copper and gold exploration licence.

The second, established with Saudi mining company Maaden in December 2025, involves Hancock’s Midana Exploration holding a 49.9 per cent interest in exploration licences covering approximately 350 square kilometres.

Initial exploration is focused on the Nabita Ad-Duwahi Gold Belt.

Hancock subsequently secured five exploration licences through a Saudi Arabian licensing round and appointed Geoff Day as chief executive of its Saudi operations.

The investments come as Rinehart raises concerns about Australia’s ability to attract capital amid rising costs and regulatory requirements.

“Yet we are making it harder. Every year government charges, tape and regulations keep climbing, and investment is increasingly deciding to head overseas,” Rinehart said in Hancock’s FY26 results announcement.

While Hancock continues to invest substantially in Australian mining developments, its Saudi Arabian ventures provide early-stage exposure to copper and gold opportunities outside its established operating base.

Energy and technology broaden the portfolio

Hancock Energy is the largest natural gas reserve holder in Western Australia’s Perth Basin, with its proposed Belisama development progressing towards a final investment decision.

The project could supply 210 terajoules of gas per day, equivalent to up to 20 per cent of Western Australia’s domestic gas market, with first gas targeted for 2029.

Hancock has warned that federal policy uncertainty and outstanding approvals are weighing on investment decisions.

The company has also reached an agreement with Strike Energy concerning the processing of West Erregulla gas through Belisama, subject to final agreements and investment approval.

In Queensland, Hancock’s 49.9 per cent-owned Senex Energy recorded EBITDAX of $261 million, an 89 per cent increase, following completion of its $1 billion Atlas and Roma North expansion projects.

Beyond resources and energy, Hancock acquired eight million shares in SpaceX during its June 2026 initial public offering.

The company described the investment as a long-term position in a business at the forefront of space technology, artificial intelligence and global connectivity, linking the opportunity to the importance of mined materials in spacecraft, satellites and associated infrastructure.

A growing balance sheet

Hancock’s financial position provides considerable flexibility to continue pursuing opportunities across its portfolio.

Total assets increased by $6.3 billion during FY26, while borrowings, including lease liabilities, stood at $515 million. Its gearing ratio remained at just one per cent.

The company paid $2.35 billion in Commonwealth and state taxes during the year, taking its reported tax contributions over the past decade to $24.5 billion.

Hancock chief executive Garry Korte also raised concerns about the effect of regulatory costs and lengthy approval processes on future investment.

“Our resource endowment is as rich as ever and the world still wants what we produce, but we have made ourselves a harder place to invest,” Korte said.

“This is already tipping important investment decisions against Australia and sending the jobs and tax revenue that would have come with new projects to foreign jurisdictions.”

With $50.3 billion in assets, minimal gearing and substantial earnings from established operations, Hancock has the financial capacity to pursue opportunities across multiple commodities and jurisdictions.

The question now is how many of those investments will develop into substantial operating businesses capable of contributing alongside its established iron ore empire.