News

Article by James Thompson courtesy of the Australian Financial Review.

Mining magnate Gina Rinehart has capped an extraordinary year of deal-making across the resources, energy, agribusiness and retail sectors by taking out the top honour.

Gina Rinehart has capped an extraordinary year of deal-making across the mining, energy, agribusiness and retail sectors by being named The Australian Financial Review Business Person of the Year at a ceremony in Sydney on Thursday evening.

The annual AFR Business Person of the Year list recognises Australia’s top leaders, builders, pioneers and stirrers – and Mrs Rinehart could meet all four criteria.

Her Hancock Prospecting empire, which is the biggest private company in the country by some margin, delivered another record year of shipments from its Roy Hill iron ore mine, with robust iron ore prices driving profits to more than $5 billion. The company has a staggering $38 billion in assets on its balance sheet, propelling Mrs Rinehart to the top of The Australian Financial Review’s Rich List for the fourth straight year.

In the last 12 months, Mrs Rinehart has also expanded her interests to a string of other industries. After winning control of Western Australian gas developer Warrego Energy in February, Mrs Rinehart backed a number of rare earths miners, bought office property in Brisbane and continued to expand her agribusiness holdings.

But it was her explosive entrance into the lithium sector that grabbed the biggest headlines. The takeovers of two ASX-listed lithium companies, Azure Minerals and Liontown Resources, collapsed after Hancock Prospecting emerged with stakes big enough to block the deals.

Throughout the year, Mrs Rinehart also remained a passionate advocate for Australia’s mining and farming sectors.

“We are a patriotic Australian company, and we like to make quality investments in iconic West Australia and Australian businesses, and in projects that our country needs to maintain and improve living standards,” she said.

“Australian mining and agriculture feed, clothe, heat and build the world, and if you take them away not only do you relegate Australians to poor living standards, fewer jobs, lower wages, less export revenue and less government tax revenue, but you also deprive our allies of the food, fibre, metals and minerals they need.”
Mrs Rinehart was chosen as Business Person of the Year by the Financial Review’s judging panel, which comprised editor-in-chief Michael Stutchbury; deputy editor, business, Kylar Loussikian; companies editor Vesna Poljak; Chanticleer columnists James Thomson and Anthony Macdonald; national affairs columnist Jennifer Hewett; and BOSS editor, Sally Patten.

The famous five
Five others were recognised as The Australian Financial Review Business People of the Year for 2023: AustralianSuper chief investment officer Mark Delaney; Lynas Rare Earths chief Amanda Lacaze; Boral chief executive Vik Bansal; AirTrunk founder and CEO Robin Khuda; and Sam Hupert, CEO and co-founder of ASX tech firm Pro Medicus.

In a year when many of Australia’s biggest companies took a cautious approach to investing and deal-making given high interest rates and a intensely uncertain economic environment, the list demonstrates how entrepreneurial mavericks have been able to ride some of the big themes in the global economy: the critical minerals race, the energy transition, and the ever-increasing use of data in a world that will be increasingly powered by artificial intelligence.

Mr Khuda, who started data centre giant AirTrunk just eight years ago, pulled off one of the deals of the year, when a staggering 40 lenders piled into the group’s $4.6 billion debt refinancing. The company, which is backed by Macquarie Group, is now reported to be eyeing off a share market listing.

While shares in medical imaging business Pro Medicus have jumped nine-fold in the past five years, 2023 has seen the Melbourne-based, US-focused business land its biggest ever contact with a healthcare group in Texas among a string of other deals.

The group’s understated CEO, Sam Hupert, who founded the business with Anthony Hall some 40 years ago, says the tailwinds of remote work, skills shortages and ever-increasing data usage will continue to drive Pro Medicus’ growth in the booming US market.

Lynas boss Amanda Lacaze scored a major victory in October when the Malaysian government overturned a ban on a vital part of Lynas’ processing operations in that country, which was due to kick in on January 1, 2024.

The company, which is the world’s biggest supplier of rare earths outside of China, is riding a wave of interest from governments around the world desperate to shore up supply chains as the energy transition intensifies.

The energy transition was central to Mark Delaney’s defining moment of 2023.

As the man responsible for AustralianSuper’s asset pool of more than $300 billion, Delaney and his team sparked controversy by effectively blocking the $20 billion takeover of Origin Energy by Canadian giant Brookfield and US private equity firm EIG.

A staggering $20 billion flows into AustralianSuper’s coffers each year, giving Delaney huge clout over local capital markets.

Finally, Vik Bansal’s appearance on the Business Person of the Year list makes a stunning comeback for the executive, who departed his previous ASX role as CEO of waste management group Cleanaway amid concerns about his leadership style.

But since joining Boral as chief executive in October 2022, Mr Bansal has overseen a dramatic change in earnings and profit margins at the building material giant, as he and Seven Group, run by Ryan Stokes, attempt to install a more entrepreneurial culture.

The Australian Financial Review names its Business Person of the Year

15.12.2023

Gina Rinehart has capped an extraordinary year of deal-making across the mining, energy, agribusiness and retail sectors by being named The Australian Financial Review Business Person of the Year at a ceremony in Sydney on Thursday evening. The annual AFR Business Person of the Year list recognises Australia’s top leaders, builders, pioneers and stirrers – and Mrs Rinehart could meet all four criteria. Her Hancock Prospecting empire, which is the biggest private company in the country by some margin, delivered another record year of shipments from its Roy Hill iron ore mine, with robust iron ore prices driving profits to more than $5 billion. The company has a staggering $38 billion in assets on its balance sheet, propelling Mrs Rinehart to the top of The Australian Financial Review’s Rich List for the fourth straight year.

Mrs Gina Rinehart AO Named AFR’s Business Person of the Year

14.12.2023

Hancock Prospecting is celebrating tonight after Executive Chairman, Mrs Gina Rinehart AO, was named the Australian Financial Review’s Business Person of the Year at their event in Sydney. Under Mrs Rinehart’s leadership, Hancock Prospecting has been transformed from a company facing a parlous financial position in 1992, when she became Executive Chairman, to Australia’s most successful private company.

Mrs Gina Rinehart AO, has announced additional support for Foodbank WA through Hancock Prospecting’s ownership interest in Bannister Downs Dairy

13.12.2023

In a timely announcement given the many WA families struggling with food stress, our Executive Chairman, Mrs Gina Rinehart AO, has announced additional support for Foodbank WA through Hancock Prospecting’s ownership interest in Bannister Downs Dairy. A new weekly fresh milk delivery will be provided to Foodbank WA’s Centre for Hunger Relief at Perth Airport and distributed to all branches across the state. It builds on more than 10 years of support Bannister Downs has provided to Foodbank WA through their south-west operations.

Bannister Downs Dairy expands partnership with Foodbank WA to support people in food stress

12.12.2023

Bannister Downs Dairy will expand their partnership with Foodbank WA to include fresh and flavoured milk to all branches across Western Australia.

Designs finalised for the new Korean War Memorial Community Event Space

12.12.2023

Roy Hill and long-term partner POSCO have provided $1 million in funding to the Perth Korean War Memorial Committee for the construction of the venue opposite the Korean War Memorial, in Kings Park.

Roy Hill gives back for men’s health

11.12.2023

Each November, men across the globe grow a moustache to raise money for men’s health concerns, including mental health and suicide prevention, and prostate and testicular cancer. By growing a mo’, the Roy Hill team were able to raise $38,000, while the Roy Hill Movember auction raised almost $13,000. Roy Hill also matched donations, bringing the grand total to $103,109. “This donation will go a long way in helping the fight against men’s cancers and suicide prevention and we should all be very proud of what we have achieved together,” Roy Hill Movember team captain Matt Hollands said.

Farmers Wary of IR Bill

11.12.2023

A nationwide overhaul of industrial relations laws has passed through the House of Representatives, angering farmers who had urged Federal Labor to take the "catastrophic" legislation back to the drawing board.

Barracudas’ splash of gold

11.12.2023

The Broome Barracudas made a splash at the 2023 Hancock Prospecting Pilbara Swimming Championships held from November 24 to 26, securing an impressive haul of 50 gold medals.

What a fan-stache-tic effort for Movember!

08.12.2023

Some of us were Mo’ growers and others were Mo’ movers but together we were Mo’ supporters and raised a mo-mentous $103,109.

Making a splash at Rowing WA’s Corporate Cup regatta

07.12.2023

After making a splash at Rowing WA's Corporate Cup regatta earlier this year, Roy Hill is supporting WA’s next generation of female rowers by donating an Empacher racing eight to the Swan River Rowing Club. Hancock Prospecting, Roy Hill’s parent company, is a major sponsor of Rowing Australia, with our Executive Chairman Mrs Rinehart, Rowing Australia’s Patron. Hancock’s and Mrs Rinehart’s valued relationship with Rowing Australia dates back to 2015, with their support helping to revolutionise the High-Performance program as the team works towards next year’s Paris Olympics.