Mining magnate Gina Rinehart’s Hancock Prospecting has cut jobs from its Pilbara operations in Western Australia just a year after its merger.
Hancock Prospecting merged two of its divisions, Roy Hill and Atlas Iron, in July 2025 to create a single entity, Hancock Iron Ore.
Hancock Iron Ore has not stated how many jobs would be cut yet, though industry sources report the figure to be in the hundreds.
The job cuts are expected to support optimisation of its mine plan following the latest iteration of the company’s annual life-of-mine planning process.
Hancock Iron Ore currently employs around 5,000 people and produces around 70 million tonnes of ore annually.
The news follows Hancock Prospecting making what it describes as a “significant investment” into Elon Musk’s SpaceX (NASDAQ:SPCX). According to The Wall Street Journal, Hancock’s stake is valued at more than $1.4 billion.
Hancock Prospecting Executive Chairman Rinehart says the company’s investment in SpaceX reflects the “need for the West to keep leading the world in technology and innovation”.
“I congratulate Elon Musk on this world-leading IPO (initial public offering). Having built two of the world’s top 10 largest companies by market capitalisation is an extraordinary achievement,” Rinehart says.
“Elon has done what very few people in history have done — he has not just imagined the future, he has built companies capable of delivering it and helped to keep American technology at the forefront.
“We see SpaceX as a rare business: led by a truly exceptional person, technically exceptional and operating in sectors that are crucial, and with long-term potential. Hancock favours investing in industries led by sensible, hard-working, patriotic, and exceptional people.”
Write to Maddison Elliott at Mining.com.au
Images: Hancock Iron Ore
