Gina Rinehart’s Hancock Prospecting warned Australia is falling behind in the race to attract investment in downstream minerals processing as the nation’s richest person exerts her influence on Western Australia’s lithium industry.in WA. Australia’s biggest private company is all but debt-free with total assets of $38 billion and borrowings of $363 million.
The amount set aside pending resolution of the arbitration increased to $5.44 billion as of September 30.There was little reference to Hancock’s $2 billion-plus foray into WA lithium through strategic stakes in Liontown Resources and Azure Minerals. The group’s results span profits from the Roy Hill and Atlas Iron mining operations reported last week, as well investments in oil and gas, and agriculture.
“Approval timeframes and red tape have increased significantly over the recent years. The current policy environment, duplication of processes, overreach from all departments and delays to approvals is negatively impacting new investment into the mining industry and is reducing Australia’s competitiveness in the international resource sector.”
“Australia’s competitiveness when it comes to value-add continues to decline against other developed economies, and its higher cost environment is increasingly uncompetitive against developing economies.”