Rinehart’s Hancock weighs $3.3 billion iron ore mine project
Hancock acquired a 51% interest in the Mt Bevan project from Legacy Iron Ore Ltd. and Hawthorn Resources.
Marathon Resources, a uranium explorer in southern Australia, plans to meet with Mineral Resources Minister Tom Koutsantonis after the company was kicked out of the Arkaroola.
The Arkaroola is located in the Northern Flinders Ranges in South Australia, adjacent to Gammon Ranges National Park. The area has been a flash point for environmentalists who want to protect the area and miners who want to develop it. Marathon Resources was exploring Mt Gee, calling it one of Australia’s largest undeveloped uranium deposits.
On Friday, Premier Mike Rann announced that Arkaroola will be protected for all time.
“When I visited the stunning landscape last year, I found its beauty to be compelling, and asked Ministers Caica and Koutsantonis to examine options to protect it. So after comprehensive discussions, we have decided to give the region unprecedented protection, initially under the Mining Act, but going even further with legislation to specifically exclude mining, and giving clear and specific protection to the area.”
After the announcement, the company’s shares declined nearly 40% to settle at 17 cents.
