Rinehart branches out into oil and gas
Posted 2 hours 52 minutes ago
Map: VIC
One of Gina Rinehart’s companies has invested more than $4 million in a Victorian-based gas exploration firm.
Lakes Oil has announced a $4.25 million investment by a subsidiary of Mrs Rinehart’s Western Australian iron ore giant Hancock Prospecting.
The deal gives Hancock Prospecting’s subsidiary an 18.6 per cent interest in the Gippsland-based exploration company.
Part of the deal is the appointment of mining expert and climate change sceptic, Professor Ian Plimer, as a director of Lakes Oil.
The chairman of Lakes Oil, Rob Annells, says the appointment of Professor Plimer to the Board will strengthen the company’s position.
“He’s had tremendous experience in the mining business and so we’ll have the benefit of that, plus he’s of international standing which once again will help us at a later stage when we’re looking for funding for development,” he said.
Mr Plimer currently serves on the boards of four listed resources companies and three unlisted companies, including the Hancock Prospecting group.
Lakes Oil says the current plan is for another Hancock nominee to be appointed as a non-executive director in due course.
Topics: business-economics-and-finance, company-news, iron-ore, oil-and-gas, vic, wa, australia