Hancock Prospecting has recorded an uptake in earnings for the 2023–24 financial year (FY24), delivering $5.56 billion in net profit after tax and $14.7 billion in revenue.
The Gina Rinehart owned company credited the increase in profit to its consistent iron ore volumes. A total of 96 million tonnes (Mt) of iron ore were shipped from the Roy Hill, Atlas Iron and Hope Downs mines, with 64Mt coming from Roy Hill alone.
“Hancock’s joint venture [with Rio Tinto] Hope Downs mines sold more than 44 million tonnes of iron ore and contributed almost $1.5 billion of net profit after tax to Hancock’s results for the year,” Hancock said.
“(The) Hope Downs 2 [open pit] and (the) Bedded Hilltop project development progressed during the year, but require final approvals to be able to commence construction.”
Atlas Iron’s shipments increased to 10Mt during FY24 – up from the 8.9Mt recorded in FY23 – delivering $440 million in net profit after tax.
In September, Atlas Iron received approval to commence development of the McPhee iron ore project, which has an approximate 15-year mine life and is expected to have a production rate between 9.5–9.7Mt of iron ore per annum.
“Early works have commenced on McPhee, which will be the next operating mine to utilise the existing Roy Hill infrastructure,” Hancock said. “Hancock continues with ongoing exploration, drilling, and evaluation of various iron ore projects.
“The Mulga Downs project has progressed a revised application to regulators, planning for a smaller mine. However, the FID (final investment decision) for the Ridley project has been deferred, highlighting the headwinds of lengthening approvals and their timelines and regulatory uncertainty.”
All of Hancock’s FY24 success has cemented its position as Australia’s largest private corporate taxpayer, with the company paying $3.88 billion in federal and state taxes.
“Under the dedicated leadership of Mrs Rinehart, Hancock has become the most successful private company in Australia’s history,” Hancock said.
“Our staff are rightly proud of being part of this successful company and the contribution they make.”
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