Gina Rinehart Invests $1.1 Billion in Mineral Resources Amid Tax Evasion Probe

The investment provides financial relief to Mineral Resources as it faces a tax evasion investigation and positions Hancock Prospecting as a major player in WA's gas industry.

• Rinehart's Hancock Prospecting has acquired a significant stake in Mineral Resources' gas assets in the Perth and Carnarvon Basins.
• The $1.1 billion deal includes exploration permits and a 50% share in Mineral Resources' remaining petroleum acreage.
• Mineral Resources is under investigation for allegedly evading taxes through offshore accounts and inflated equipment purchases.
• The investment comes after a sharp drop in Mineral Resources' share price, which fell by $2 billion amid the tax scandal.
• Western Australia's recent policy change allows onshore gas exports, which Rinehart supports as beneficial for further project development.

3 Articles

Australian Broadcasting Corporation The Sydney Morning Herald The Age