Australia’s slow pace of mining approvals is diminishing its attraction as a global investment destination, Hancock Prospecting, owned by Australia’s richest person Gina Rinehart, said on Tuesday.
“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,” said Hancock. That was a smaller drop than Australia’s other big miners BHP, Rio and Fortescue whose profits fell by between a quarter and a third over the period amid weaker prices for the steel-making ingredient.
Earlier this month it amassed a 19.9% stake in lithium miner Liontown Resources, thwarting its planned buyout by top global lithium maker Albemarle.
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