Mining magnate eyes Great Keppel Island

Gina Rinehart's Hancock Prospecting aims to buy the Great Keppel Island project in Central Queensland from Tower Holdings for redevelopment. The proposed purchase was 'subject to a myriad of state and local government approvals', the company said in announcing the plans. But it has highlighted the attraction's potential to showcase Queensland for the upcoming Olympics and outlined plans including a Puerto Banus-style marina development. Puerto Banus, Spain. "Thanks to the mining industry, Hancock, an Australian mining and agriculture company, has the money to invest to help to make Queensland shine, prior to 2032, subject to all relevant government approvals," the company said. Capricorn Enterprise chief executive Mary Carroll said the economic development group welcomed the potential investment from a great Australian company. "After months of speculation it is indeed wonderful to have Hancock enter into an agreement to potentially acquire the Great Keppel Island resort project from Tower Holdings,” she said. "Whilst it is early days in the conditional contract process which remains subject to numerous state government approvals, I have absolutely no doubt that we finally have a strong and determined Australian owned business which can deliver a truly world class tourism development of which we can all be proud.” The news comes hot on the heels of fellow iron ore magnate Andrew 'Twiggy' Forrest's investment in the Lizard Island resort, around 250km north of Cairns. Hong Kong's SEA Group has announced it is selling the Lizard Island property for $42 million to the Forrest family's Tattarang group. Hancock described the potential redevelopment of Great Keppel Island as an opportunity to make this one of the best resorts in Australia. "We hope to be able to make it better than it has ever been, with a world-class year-round beach club, sandy bars, shopping and more experiences circling around a marina modelled after successful marinas like Puerto Banus," the company stated. "We envision a year-round swimmable beach club and an underwater bar being able to bring the benefits of overseas tourism to Australia. "The transaction is subject to conditions being satisfied, including suitable State and Local Government approvals being provided that allow viable redevelopment of the Island." Hancock Prospecting executive chairman Gina Rinehart. While a number of primary approvals were in place, further approvals requiring substantial work were needed prior to any construction being considered, the company warned. "Work will commence on these areas, which will require expenditure before confirming this exciting project can proceed," it said. "With the announcement of the 2032 Olympics to be held in Brisbane, the redevelopment of Great Keppel Island presents as a great time to showcase Queensland as a premium, world class destination. "Currently, for various reasons, Great Keppel is not a showcase for Queensland. We wish to maintain and improve its natural beauty and tourist facilities, subject to all government approvals, enabling this to make possible, for Queenslanders and others to enjoy for generations to come." Hancock reproduced on its website an article from The Australian that said Ms Rinehart would pay Tower $50 million in the Great Keppel deal.

Mining magnate eyes Great Keppel Island

Industry Queensland

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