New $600 million Iron Ore Mine Approved, But Delays Frustrate Australia’s Wealthiest Woman, Gina Rinehart

Hancock Prospecting is marking a significant milestone with the approval of its McPhee Creek iron ore mine in Western Australia, though CEO Gina Rinehart remains critical after years of bureaucratic setbacks hindered the project’s progress. The $600 million mine, located in the Pilbara region, has finally received the go-ahead from the Labor government and is set to begin production, with the first shipments of iron ore expected by mid-2025.

Initially submitted for approval in early 2021, the project faced a three-year delay before securing the necessary permissions, a timeline that has drawn sharp criticism from Rinehart, Australia’s wealthiest individual. She expressed frustration over the lengthy approval process, underscoring the importance of iron ore to the economy and voicing concerns about policies that make mining investments more difficult and uncertain.

Rinehart reportedly emphasized that unlike renewable resources, such as wool, mines require extensive planning, investment, and development to sustain the economy. She warned that continued government red tape and unfavorable policies could push investment offshore at a time when Australia has already seen record business closures and declining living standards over the last six quarters. In her view, fostering a more welcoming environment for mining projects and investment is critical for the country’s economic health.

Once construction on the McPhee Creek mine begins, Hancock Prospecting expects to generate 500 jobs during the build phase, followed by 300 permanent positions when the mine becomes operational. The mine is projected to have a lifespan of 15 years, utilizing Hancock’s existing infrastructure, with ore processed at the Roy Hill site, located 100 kilometers to the north, before being transported to Port Hedland, roughly 250 kilometers away, for export.

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