Rinehart’s son launches into building industry

The grandson of iron ore prospecting legend Lang Hancock – and estranged son of Australia’s richest person, Gina Rinehart – is about to launch a company developing an innovative building product.

John Hancock, who has an MBA from Notre Dame University in Fremantle, says the new product is an energy-saving wall panel. The Malaysian-made panels allow a “greener” and faster way of building houses than the brick alternative.

Invented in 2010 by Hancock’s Perth-based business partner, Jerome Naidoo, FBM Corporation’s CSIRO-tested panels look somewhat like freezer doors.

“It is comparable in cost to brick,” Naidoo said according to the Australian Financial Review. “But takes just days to erect with only the use of a ladder, a mallet, a screw gun and some gloves.”

The panels eliminate the need for reinforcing rods in brick houses and can be erected in days.

Stirling Council building assessor Lindsay Miller approved the most recent use of the panels in a projecthouse in Perth.

“It not only meets the criteria of a double-brick house, but is faster to build, and the more people that use it, the cheaper it will become,” Miller said.

Hancock is taking on a role as a director and interim chief executive of FBMC.