Latest news with #GinaRinehart
West Australian
2 days ago
- Health
- West Australian
Doctor flying cross-country to raise funds for rare disease centre to land in Broome
A doctor flying across the country to raise cash for a much-needed gene therapy centre at Melbourne's Royal Children's Hospital will make a stop in Broome as well as Kununurra, Karratha, Geraldton, and other WA locations on his fund-raising quest. Flying his Cirrus SR22 solo across Australia, Associate Professor Andrew Kornberg aims to raise $4.5 million to establish dedicated spaces, resources and specialist staffing at RCH to support children with rare and complex conditions. Currently, around one in three children with a rare disease will not reach five years of age but with new treatments like gene therapy Professor Kornberg says there is hope. 'If you provide gene therapy early enough, children are basically cured but we need to have a dedicated place to be able to administer these treatments otherwise we're not doing the right thing by our kids,' he said. While Australian hospitals can administer gene therapy, access is limited, highly cost prohibitive and, in many cases, can't be delivered sustainably. That's why Professor Kornberg said he is taking to the skies, to make the new treatments more accessible and honour his past patients. 'There were two children I cared for with muscular dystrophies. At the time, gene therapy was just becoming available but we couldn't offer it, not because the science wasn't there, but because we lacked the infrastructure. That's the reality in every capital city right now and it shouldn't be,' he said. 'Those two kids really reinforced for me that without dedicated beds and a proper centre, these breakthroughs don't mean much and that's what this flight is about.' He also called on billionaire mining magnates Andrew Forrest and Gina Rinehart to contribute. 'I'm hoping Gina Rinehart and Twiggy Forrest look at this and realise that this is for all of our children and they come to the party as well,' Professor Kornberg said. The flight comes on the back of a previous Fly for the Kids journey back in 2017 where Professor Kornberg flew 16,000km solo across Australia in just 25 days to raise awareness and funds for children with complex neurological conditions. 'When I did this the first time around, we were successful. Every other centre in Australia developed a similar sort of program to what we developed, and that's what I'm hoping will happen this time round with this flight,' Professor Kornberg said. 'If we raise the $4.5m it will mean that children with rare diseases will have a dedicated place where these new treatments can make a difference to their lives. 'Every day presents a challenge for so many of these children and their families, and this journey is my way of doing everything I can to bring hope and a brighter future.' Set to land in Broome on July 8, Professor Kornberg said it was a 'special stop' for him this time round. 'Back in 2017, I couldn't get there. I left in March, which is the wrong time of year for the north so this time I made sure it was on the route,' he said. 'The west coast of Australia is just incredible, and I'm really looking forward to finally making it to Broome — it feels like a missing piece from the last trip.' RCH Foundation chief executive Ryan Brown highlighted the importance of community support. 'This is an opportunity for every Australian to transform the lives of children with rare diseases. Your donation, no matter the size, can bring hope to children and their families who previously had none,' he said. Andrew will take off on his ambitious flight on July 2, departing from Moorabbin Airport, south-east of Melbourne. To learn more about Fly for the Kids or how you can donate or fundraise, please visit
News.com.au
3 days ago
- Business
- News.com.au
'Not the moment' for abandoned rare earths mega-merger, says Lynas boss
Rare earths mega-merger not currently on the cards, says Lynas boss But customers waking up to need to develop new sources of rare earths Lynas aiming to ramp up 'heavies' as China chokes supply to customers during geopolitical cage match Lynas (ASX:LYC) boss Amanda Lacaze says now is "not the moment" for the creation of a company that would boast a monopoly on rare earths in the West, suggesting discussions with New York-listed MP Materials were not currently on the cards. Speaking on the sidelines of a talk for the WA Mining Club on Wednesday, Lacaze told media there were no discussions going on between the two $8.5bn capped companies currently. "We would have to disclose if there were, but ... deals often have their moment. And now is not the moment, unfortunately," she said. "I've made no bones about the fact that I thought it was an excellent sort of hook up that it would ... create a true Western champion. But for a variety of reasons, it didn't happen." The discussions came into focus last year, especially given Aussie mining magnate Gina Rinehart's status as a major shareholder on both registers, but MP has become a lot less attractive from a valuation standpoint since then. Despite losing cash, its status as the only rare earths operation in the US has seen its share price surge more than 100% this year as the Trump Administration's rhetoric has provided a rocket for local critical minerals stocks in the US, compared to a ~39% gain for Lynas, the lowest cost producer globally of key light rare earth product neodymium-praseodymium. Lynas copped a downgrade to underperform from Macquarie this week, which suggested its market cap was pricing in NdPr prices in the order of US$95/kg, not the US$63/kg spot price currently posted by Chinese price reporting agencies. But it has engineered a shift in focus this year, becoming the first non-Chinese producer from its Malaysian processing plant of separated dysprosium and terbium oxides, key materials that boost the performance of magnets underpinning future tech like EV motors, wind turbines, drones and defence applications. Placed under export controls this year as China led a rearguard to Donald Trump's 'Liberation Day' tariffs, the need to source these outside the Middle Kingdom has never been more acute. He ain't heavy That's placed resources like ionic clays in Malaysia and, to a lesser extent, Brazil, on Lynas' radar. It has so far signed an MoU with a State Government in Malaysia, a country with the same geological potential for ionic clays like those found in southern China. The investment is so far small, around $25m at the Kuantan plant, though Lacaze said more investment would be needed if the decision was made to expand its capacity further and really eat into China's grip on that end of the market. After touching on M&A in a speech at the Macquarie Conference in May, she said Lynas keeps a "watching brief" on rare earths projects globally but had, so far, decided investing in expanding Mt Weld, its monster deposit near Laverton in WA, was a better option. "Last year we also upgraded our resource and our reserve statement and a key part of that was the increase in heavies at Mt Weld. So we can make decisions about mining the Mt Weld orebody differently to give us more feedstock," she said. Earlier Lacaze told the room at Optus Stadium that customers needed to be realistic about the need to develop a supply chain diversified from China, which has near total control of the permanent magnet market. "I would say to you that outside of China today, we would still say that there are three segments of customers," she said. "There is one who ascribes to what I would call the hoping and wishing and praying – otherwise known as ostrich strategy – which is if I keep my fingers crossed and my eyes closed and wish very hard, this will go away and I'll still be able to buy cheap stuff from China. "There is a second group of customers who recognise that this is a clarion call, and that even though there may have been a brief reprieve, that China has demonstrated its ability to weaponise this economic advantage. "And then there is a third group who have recognised it and are actively engaged in setting up these supply agreements with us and recognise that you do actually have to apply a risk based pricing approach to sourcing these materials." But the critical aspect for the US, EU countries and other western nations is they can't have modern manufacturing industry without once obscure rare earth minerals. "If your objective is to reshore manufacturing, as indeed the US Government's objective is, then they must have a secure supply chain of rare earths," Lacaze said, though she says the "runway to there being significant new supply" is still "probably years away. Hopefuls line up While Lynas is the undisputed leader among the ASX's rare earths stocks, there are a number aiming to become producers or develop deposits that draw the attention of major players. ASX mineral sands giant Iluka Resources (ASX:ILU) has Canberra onside to build a refinery at Eneabba near Geraldton, where it will process monazite waste rock from previous mineral sands mining to deliver the first separated rare earth oxides in Australia from 2027. The $1.8bn project could open the door to the development of one of Africa's most promising deposits Mrima Hill in Kenya, where ASX junior RareX (ASX:REE) is partnering with Iluka to see whether the mine can be developed in East Africa and have it material processed at Eneabba. RareX also holds the Cummins Range rare earths, phosphate, gallium and scandium project in WA's north, while fellow WA explorer Victory Metals (ASX:VTM) has pulled in a US$190 million letter of intent from the US Government's Export-Import Bank and a pledged of US$10m from Saudi Arabia's sovereign investment firm to potentially bankroll its North Stanmore project in WA. Sanabil Investments is providing a US$10m loan and first right to provide future funding for A$330m for the development and construction of a processing plant at North Stanmore. According to a scoping study in March the $337m project would product 59,300t of mixed rare earth carbonate containing 13 rare earth oxides and 3080t of scandium and hafnium oxide annually over a 31 year life, with an NPV8 of $1.2bn. Over in Brazil a host of companies have outlined high grade ionic clay hosted deposits, led by Meteoric Resources (ASX:MEI) at its Caldeira project and Gina Rinehart-backed Brazilian Rare Earths (ASX:BRE), which boasts the Rocha da Rocha deposit. Other companies operating in Brazil's burgeoning rare earths space include early stage explorer Australian Mines (ASX:AUZ), which holds the Jequie project in Bahia and Brazilian Critical Minerals (ASX:BCM), which put out a scoping study in February on its Ema project in Amazonas, which suggested the mine could produce 4800tpa of TREO within a 55.3% TREO MREC product as unit operating costs on an NdPr basis of just US$16.95/kg. That would make the mine profitable even at current depressed prices, with a post-tax NPV8 of US$498m at just US$74/kg NdPr, post-tax IRR of 55% and payback period of 28 months. Over in Africa, the proposed $150m sale of Peak Rare Earths (ASX:PEK) to China's Shenghe Resources, which will hand its Ngualla project in Tanzania to one of China's largest rare earth producers has highlighted the significance of the continent to the geopolitical contest over the commodities. On the other side of southern Africa Aldoro Resources (ASX:ARN) is drilling out what it has called a potential tier-1 discovery of rare earths and niobium at Kameelburg in Namibia in a 1.4km wide carbonatite plug that juts 275m out of the ground over the surrounding peneplain.
Daily Mail
3 days ago
- Business
- Daily Mail
Gina Rinehart's blunt message for the Albanese government as she issues an urgent warning for Australians
Gina Rinehart has lashed out at the Albanese government's net zero emissions target, blaming it for declining investment in Australia. The billionaire mining magnate made the comments in a statement about Rio Tinto's decision to build a new iron ore mine, known as Hope Downs 2, in partnership with her company Hancock Prospecting. The new iron ore mine extends the current Hope Downs joint venture between Rio and Hancock in Western Australia. It was expected to create about 950 jobs during construction and 1000 jobs once operational in 2027. 'It's time not to be distracted by name-calling like far right and other names, and stick to the fact that investment is beneficial, and unfortunately declining in Australia,' Ms Rinehart said. 'We need to stand up, ignore the truth twisters, truth hiders and truth avoiders, and to point out what's needed if we want to see such investment bring jobs and benefits to many Aussies. '...If we want to see projects like Hope Downs 2 continue to be built, Australia needs to honestly confront and urgently address the reasons for its recent years of declining investment.' She said trillions of dollars' worth of taxpayer and shareholder money was being 'wasted' on the net zero emissions by 2050 target, 'adding expense not only to businesses, and resulting in even more record business failures, but expense for every Australian adult, and future Aussie adults, ensuring our taxes remain high'. 'Not forgetting, even if Australia reduces its approximately 1 per cent share of (global) emissions, what benefit is there really in the overwhelming expense and consequences that such reduction brings?' she asked. 'The truth hiders are not telling us manufacturing often requires 24-hour reliable electricity, such as dairy and aluminium, steel and AI. 'They ignore the consequences.' Ms Rinehart said the Labor government, whom she referred to as 'truth hiders' were misleading Aussies about the true cost of emissions targets. 'The truth avoiders are not telling us, that given the increasing introduction of renewables, businesses, even small ones, are being called up by bureaucrats demanding they stop using mains at times, so that thousands of homes in the cities don't lose power at peak times,' she said. 'The truth twisters are not telling us of the trillion plus of taxpayers' dollars net zero will cost, or the further trillion businesses will have to pay for net zero. 'We all lose when soaring energy prices damage our lives and competitiveness.' Business investment has declined in Australia over the past year amid rising costs, high levels of uncertainty and decelerating demand. Private capital expenditure was 0.5 per cent lower in the March 2025 quarter compared to the same period a year earlier, according to data from the Australian Bureau of Statistics. The Albanese government's Climate Change Bills passed the Senate in 2022, bringing into law a net zero emissions target by 2050.
Forbes
4 days ago
- Business
- Forbes
Rinehart Ignores Falling Price To Invest $800 Million In A New Mine
Australia's richest person, iron ore billionaire, Gina Rinehart, has dismissed investor concern about the falling price of the steel making material by signing up for her half-share in a new $1.6 billion mine. Iron ore billionaire Gina Rinehart.(Photo by) With long-term corporate partner, the mining giant Rio Tinto, Rinehart will develop the Hope Downs No.2 and Bedded Hilltop deposits in the Pilbara region of Western Australia. The new pits will produce 31 million tons of high-grade iron ore a year from 2027. Rinehart's $800 million share of the capital cost will be provided by profits from her existing iron ore operations which last year contributed the lion's share of the $3.6 billion profit made by the family company she controls, Hancock Prospecting. Named after her father, the late Lang Hancock, the company helped pioneer iron ore mining in Australia which has grown into the country's most valuable single export thanks to China's demand for steel. The latest joint venture deal with Rio Tinto continues an association which dates back to the 1960s when Lang Hanock took his iron ore discoveries, made close to a family farming property in the Pilbara, to the big miner, securing a permanent royalty from future developments in their joint venture area. Rinhart has leveraged her income from the royalty into Australia's biggest privately-owned business which last financial year generated $9.4 billion in revenue thanks in part to a strong iron ore price which averaged more than $100/t, peaking at $140/t. Below $90/t And Falling The current financial year, which ends next week (June 30) will probably be so successful with the iron ore price falling from a peak of $112/t to last sales at $94/t and forecast to drop below $90/t as China's steel demand slips and new mines in Africa start production. The biggest new African mine is the Simandou development in Guinea in which Rio Tinto is a leading investor. Both Rinehart and Rio Tinto are confident that their new Australian project will be competitive with African mines on cost and quality, while holding a transport advantage because sailing time for a bulk cargo carrier is three weeks longer from West Africa then from Western Australia. Rio Tinto's Parker Point export loading facility in Western Australia. Photo by Aaron Bunch/Getty ... More Images) Rio Tinto said earlier today that all government approvals had been received for the Hope Downs No.2 project which is the latest in a series of relatively small new mines designed to maintain the company's annual Pilbara production at between 345m/t and 360m/t a year. Earlier this month, Rio Tinto opened the 25 million ton a year Western Range mine and approved the development of the Brockman Syncline No.1 mine. Chief executive of Rio Tinto's iron ore business Simon Trott said that over the next three years it was planned to invest more than $13 billion in new mines and mining equipment. After a period of small mine developments Rio Tinto is planning to develop the big Rhodes Ridge mine with Rinehart into a 40 million ton a year project. The current portfolio of mines and those planned will ensure that Rinehart's Hancock Iron Ore business will remain one of the world's leading suppliers of to the global steel industry.
Bloomberg
4 days ago
- Business
- Bloomberg
Rio Tinto Joins Hancock to Develop $1.6 Billion Iron Ore Project
Rio Tinto Group will team up up with Australia's richest person to develop a $1.6 billion, 31 million ton-a-year iron ore mine in the Pilbara mining hub. The world's second-biggest miner will equally share development costs with Gina Rinehart's Hancock Prospecting Ltd., Rio said in a statement Tuesday. The Hope Downs 2 mine, which will include two new pits, will be incorporated into existing infrastructure. All regulatory and environmental approvals are in place, with first ore to be mined in 2027, it added.
