The Hancock Prospecting-owned Roy Hill operation has revealed its profits have jumped 69 per cent to $558 million in the second year of production. This was a $227 million increase from the $331 million reported for the 2017 financial year.
The news follows Hancock’s full-year report on October 31. The $558 million figure posted by Roy Hill represented a significant portion of Hancock’s overall annual profit of $1.37 billion.
Hancock, which is also a major player in the Australian cattle market, saw a 28 per cent year-on-year boost in profit overall.
Its revenues stood at just over $6 billion, a 36 per cent increase. The company also contributed $860 million in taxes.
Hancock’s report claims that owner Gina Rinehart “pays more tax than any other Australian”.
The 55 million tonnes a year Roy Hill iron ore project is in the Pilbara region of Western Australia and is the country’s largest single iron ore mine. It started shipping in December 2015.
The company revealed its 2018 full-year financials yesterday, which also saw a 68 per cent year-on-year boost in sales revenue to $3.84 billion and a 54 per cent year-on-year boost in production to the year ended June 30, 2018.
Roy Hill also paid $243 million in royalties to Western Australia.
The site is also famous for its pink mine trucks, which were implemented in 2016 by Hancock owner Gina Rinehart as a way to raise awareness for breast cancer.