Mining billionaire Gina Rinehart’s Hancock Prospecting is investing an initial US$50 million (AU$72 million) into a revolutionary imaging technology capable detecting both early-stage cancer and microscopic contaminants in iron ore.
Hancock has provided the initial investment in the California-based Lumitron Technologies with the right to increase its investment to US$100 million during the 2026 calendar year.
The funding will fast-track the commercial development of Lumitron’s Hyperview system, a breakthrough imaging tool that delivers X-rays with up to 1,000 times the resolution of conventional machines, while emitting 100 times less radiation.
The deal, which grants Hancock a board seat, allows the mining giant to double its investment to $US100 million by the end of 2026. It marks a significant step in Hancock’s recent push to diversify into cutting-edge technologies, including artificial intelligence.
Co-founded by Australian Nanosonics founder Maurie Stang alongside American scientists, Lumitron’s technology collides very high-energy electrons with a high-energy laser beam. In medicine, this ultra-high resolution aims to drastically improve early cancer detection and enable rapid, highly targeted treatments that spare surrounding healthy tissue.
However, the Hyperview system is set to be equally useful across Rinehart’s Western Australian iron ore operations. Under the agreement, three machines will be deployed to Australia to optimise the processing of the nation’s premier export earner.
Rinehart stated the machine goes far beyond conventional industrial X-ray systems, which only analyse shape and density.
“Hyperview has the potential to identify the composition and concentration of minerals and contaminants in ore, allowing mining operators to selectively process higher-value ore, thereby improving recovery rates while potentially reducing energy consumption and overall processing costs.”
