Hancock pours $60m into MinRes

Gina Rinehart’s Hancock Prospecting has spent more than $60 million exercising options to increase its stake in Mineral Resources to 8.26 per cent.

According to documents lodged with the ASX today, Hancock invested $60.5 million to convert 10 million options into ordinary shares of MinRes.

The options stemmed from a joint venture agreement Hancock held with MinRes over their joint venture, the Nicholas Downs manganese project, 130 kilometres northeast of Newman.

The deal included the grant of 15 million options at a $6.05 strike price, exercisable in three tranches.

The options exercised today represent the combined second and third tranches, which had to be exercised by the end of the week.

MinRes stocks slipped 4.8 per cent to close trade today at $11.22.