Gina Rinehart has become a major shareholder in White Cliff Minerals, the Canadian exploration company where her estranged son John Hancock is also a significant investor. Hancock Prospecting, Mrs Rinehart’s company, is acquiring a 13.5 percent stake in White Cliff through an $8.7 million private placement at 1.7 Australian cents per share, positioning it as the company’s largest shareholder and replacing Mr Hancock.

The move comes amid a long-standing and publicly contentious family dispute involving control of Hancock Prospecting, which has involved legal battles and mediation processes. Despite the acrimony, John Hancock had expressed a desire for family reconciliation earlier this year following a court ruling that affected his case against his mother. In May, he spoke of seeking "a fair and reasonable way forward for the whole family," emphasizing a focus on cooperation rather than past conflicts.

While the investment has fueled speculation about a possible thaw in relations, a spokesperson for Mrs Rinehart’s interests indicated the transaction should not be interpreted as a sign of reconciliation. The spokesperson noted Hancock Prospecting holds stakes in various copper exploration companies and that the company does not influence other shareholders’ decisions.

John Hancock, who has been a non-executive director at White Cliff for over a year, described the investment as a reflection of the project’s potential. He highlighted the importance of copper and cited the company’s project location in Nunavut, Canada, as a “Tier 1 jurisdiction” with strong government support and promising prospects. White Cliff has reported significant drill results, including intervals yielding 175 meters at 2.5 percent copper, attracting the attention of several major mining firms. The company is currently valued at approximately AUD 56 million but has yet to provide an official estimate of its resource size.

White Cliff’s managing director, Troy Whittaker, welcomed the investment from Hancock Prospecting as a validation of their exploration efforts. He announced plans to expand drilling activities at the Rae copper project, acknowledging challenges related to the harsh Arctic climate that restrict exploration windows.

The transaction follows a pattern seen previously, where Hancock Prospecting has followed John Hancock into resource plays. For instance, Hancock Prospecting built a $50 million position in German lithium company Vulcan Energy shortly after Mr Hancock became a key shareholder there. However, John Hancock has on previous occasions criticized some of his mother’s investment decisions, characterizing parts of her portfolio as poorly performing.

White Cliff’s chairman, Gavin Rezos, who also chairs Vulcan Energy and formerly directed Iluka Resources and Rowing Australia, oversees the company’s governance as it moves forward with its exploration programs. The latest investment aligns with Hancock Prospecting’s broader strategy of diversification beyond its Pilbara iron ore base into copper projects worldwide.