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Gina Rinehart’s Hancock Prospecting has warned that iron ore demand has “plateaued” as the mining group owned by Australia’s richest person diversifies with investments in lithium and rare earths.

Hancock on Friday said its net profit fell 44 per cent to A$3.1bn (US$2bn) in the year to June as the iron ore price declined and severe storms disrupted shipments from the Pilbara region of Western Australia. Revenue fell 21 per cent to A$11.6bn.

Iron ore is Australia’s largest export, accounting for as much as 4 per cent of the country’s GDP, according to economists. But weakening demand from the Chinese property sector and the official launch later this year of the Simandou mine in Guinea, part-owned by Hancock’s partner Rio Tinto, has put pressure on prices.

In recent years, Rinehart has expanded her company’s holdings to other materials, particularly rare earths, which are vital to the manufacture of fighter jets, electric vehicles and smartphones and of which China controls much of the world’s supply.

The value of her holdings in companies including Lynas Rare Earths, MP Materials and Arafura Rare Earths has boomed after Australia and the US signed an agreement to co-invest in a non-Chinese supply chain. She has also invested in the energy, beef and consumer goods sectors.

But Pilbara’s iron ore remains the core of Hancock’s business. The company said on Friday that “red tape” was threatening Australia’s mining sector, echoing peer BHP’s warning on the impact of stricter regulation.

“This is concerning given demand for iron ore has plateaued and first ore from the massive, high-grade Simandou iron ore development — which will compete against Australian ore — is expected before the end of the year,” Hancock said in its results statement.

Garry Korte, chief executive of Hancock, took aim at the Australian government’s spending plans and emissions reduction goals. 

“Australian industries and companies operate in an environment of escalating government expenditure, including subsidies, benefits, opaque forms of support and increased bureaucratic wastage,” he said. “Many of these industries and companies cannot afford the massive changes and costs required to meet greater net zero requirements.”

Rinehart, a supporter of US President Donald Trump, who has long railed against regulation and high taxation in the sector, said red tape would have a knock-on effect for public services.

“Less real investment, record debt and substantial interest payments, declining international competitiveness, record business failures and excess bureaucracy do not enhance our standards of living,” she said.

In the year to June, Hancock paid discretionary dividends of A$488mn to Rinehart and other family members. But A$6.4bn remains held in reserve for an unresolved court case over royalties between Rinehart and two of her children.

ZONG 4G (CMPak Ltd) continues to strengthen its position as a front-runner in the country’s digital transformation journey. As part of its commitment to technological excellence and workforce development, Zong recently partnered with ZTE to deliver an extensive five-day technical training program focused on 5G network design, capacity planning, and modernization.

The program was designed to equip Zong’s planning, optimization, implementation, and operation teams with the technical knowledge and strategic insight needed to support the company’s future 5G rollout and long-term network evolution strategy.

The training covered a comprehensive range of subjects, consolidated into three key domains: 5G Network Design and Planning encompassing 5G network planning procedures, coverage and capacity optimization, and radio network cell parameter design, enabling participants to understand how to build and optimize next-generation networks for superior performance and efficiency.

Network Modernization and Solution Architecture focusing on 5G NR site solutions, modernization design frameworks, and all-scenario microwave solutions, providing hands-on understanding of integrating new technologies within existing infrastructure while ensuring scalability and reliability.

Technology Evolution and Industry Applications including 5G NR network design principles, 5G technology trends, and real-world industry applications, offering a broader perspective on how 5G innovations will transform industries and customer experiences in Pakistan.

The sessions were led by a ZTE University technical expert lecturer, known for his rich experience, comprehensive technical acumen, and ability to relate complex concepts to practical field scenarios. His engaging approach and depth of knowledge ensured that participants not only understood the theoretical aspects of 5G but also how to translate them into actionable strategies for Zong’s upcoming deployments.

Participants praised the training for its practical relevance, strategic value, and hands-on approach, highlighting its importance in shaping Zong’s roadmap for nationwide 5G readiness.

This collaboration reaffirms Zong’s dedication to investing in human capital, fostering innovation, and leveraging partnerships with leading global technology vendors. Through such initiatives, Zong continues to prepare its teams and networks for the next era of connectivity, ensuring that Pakistan remains at the forefront of 5G evolution.

Seoul, South Korea
 — 

Three billionaires surprised diners when they walked into a popular fried chicken restaurant on Thursday – and picked up everyone’s bill.

Jensen Huang, CEO of the world’s most valuable company, AI chip giant Nvidia, went to the Seoul chicken-and-beer joint with the leaders of two of South Korea’s global tech titans: Samsung Electronics chairman Lee Jae-yong and Hyundai Motor Group executive chair Chung Eui-sun.

Fried chicken paired with ice-cold draft beer, known as “chimaek,” is a must-have for anyone visiting South Korea, and the tech potentates got their fill at Kkanbu Chicken in the heart of the nation’s capital, ahead of the APEC summit in Gyeongju.

“I love fried chicken and beer with my friends, so Kkanbu is a perfect place, right?” Huang told live-streaming passersby as he arrived at the restaurant. As well as being the name of the restaurant chain, “Kkanbu” is a slang word for a very close friend.

The three ate cheese balls, cheese sticks, boneless chicken and a fried chicken along with Korean beer Terra and the local rice spirit soju, according to national news agency Yonhap.

Video from local news outlets showed the trio – combined net worth $195 billion – linking their drinking arms to take a shot of beer, a gesture that, in South Korea, cements friendship while drinking.

Huang, Lee and Chung stepped out to offer chicken and cheese sticks to the assembled crowd.

“The chicken wings was so good. Have you been here before? It’s incredible, right?” Huang said when asked about his favourite items.

“Anyone? Fried chicken?” he offered as he held chicken baskets up.

When Huang rang the “golden bell,” a gesture to pay the bill for everyone in the restaurant, people cheered — though Samsung’s Lee paid the bill and Chung paid for a second round, according to Yonhap.

Fresh from his high-stakes trade talks with US President Donald Trump, Chinese leader Xi Jinping is among Asian heads of government who have descended on Gyeongju, in southern South Korea, for the APEC summit.

Access to cutting-edge AI chips – such as those that have pushed Nvidia to a market cap of about $5 trillion – is among issues being thrashed out between the US and China.

After their dinner at Kkanbu Chicken, the three leaders headed to Nvidia’s GeForce Gamer Festival, where Huang – flanked by Lee and Chung – promised to make a big announcement at the APEC summit on Friday.

“My announcements include my friends and we’re going to do amazing things for the future of Korea,” he told the crowd.