The Pilbara discovery
Hancock struck iron ore in the Pilbara region, in north-west WA
On 16 November 1952, Hancock discovered the world's largest deposit of iron ore in the Pilbara region of Western Australia. Hancock was flying from Nunyerry to Perth with his wife, Hope, when they were forced by bad weather to fly low, through the gorges of the Turner River. In Hancock's own words,
In November 1952, I was flying down south with my wife Hope, and we left a bit later than usual and by the time we got over the Hamersley Ranges, the clouds had formed and the ceiling got lower and lower. I got into the Turner River, knowing full well if I followed it through, I would come out into the Ashburton. On going through a gorge in the Turner River, I noticed that the walls looked to me to be solid iron and was particularly alerted by the rusty looking colour of it, it showed to me to be oxidised iron.
The story is widely accepted in modern descriptions of the discovery, but one biographer, Neill Phillipson, disputes Hancock's account. In Man of Iron he argues that there was no rain in the area of the Turner River on 16 November 1952 or indeed on any day in November 1952. Hancock returned to the area many times and, accompanied by prospector Ken McCamey, followed the iron ore over a distance of 112 km. He soon came to realise that he had stumbled across reserves of iron ore so vast that they could supply the entire world, thus confirming the speculation of the geologist W. P. Woodward, who asserted in 1890 that "this is essentially an iron ore country".
At the time, however, the common perception was that mineral resources were scarce in Australia. The Commonwealth Government had enacted an embargo on the export of iron ore, while the Government of Western Australia banned the pegging of claims for iron ore prospects. Hancock lobbied furiously for a decade to get the ban lifted and in 1961 was finally able to reveal his discovery and stake his claim.
In the mid sixties Hancock turned once more to Peter Wright and the pair entered into a deal with mining giants Rio Tinto Group to develop the iron ore find. Hancock named it "Hope Downs" after his wife. Under the terms of the deal Rio Tinto set up and still administer a mine in the area. Wright and Hancock walked away with annual royalties of A$25 million, split evenly between the two men. In 1990, Hancock was estimated by Business Review Weekly to be worth a minimum of A$125 million.
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