Gina Rinehart’s Hancock Prospecting appoints new CEO

Garry Korte is moving from CFO of Roy Hill to take the reins of Hancock Prospecting, from July 1.

Korte’s transfer comes on the back of a management realignment at the miner, which sees Jaw Newby promoted to the position of executive director, Jabez Huang – GM finance – promoted to executive general manager, and Brad Ross stepping into the role of general counsel.

Tad Watroba remains as both executive director and director of the group as a whole, with company chair Gina Rinehart thanking Watroba for his support in growing the company group.

Commenting on Korte’s promotion, Rinehart said, “We are delighted to have Garry join us at Hancock after the exceptional work he did as the CFO of Roy Hill over the past four years, particularly in raising the project finance for Roy Hill, and in guiding the financial and commercial aspects of the project through construction and early production ramp-up.”

The US$7.2 billion debt financing for Roy Hill is the world’s largest single debt financing for a greenfield mining project.

Five international export credit agencies and 19 commercial banks contributed to the US$7.2 billion package.

“The fact that this historic financing was completed without a full completion guarantee shows the confidence the banks had in the Hancock Prospecting team and our partners,” Rinehart said.

Korte was recognised for his work on the project by CEO Magazine in 2014, winning the CFO of the Year award, and was part of the team to win the Finance Deal of the Year award from FinanceAsia last year for the same project financing deal.

“The Roy Hill debt-funding package was delivered at low cost and within a record time frame,” CEO Magazine stated.

“Without the financing deal that closed in 2014 we would not have been in a position to build Roy Gill which is now ramping up shipments to our Asian customers with over one million tonne of low phosphorous ore exported in April,” Rinehart added.

Hancock Prospecting is also planning to add a new general manager – agriculture, and a new general manager – commercial.

 

 

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.