Financial reports, Gina Rinehart, Hancock Prospecting, Iron ore, News, Roy Hill

Record year for Rinehart’s Roy Hill

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Hancock Prospecting announced a $2.7 billion profit in its 2022–23 financial year (FY23) results for its Roy Hill mine in the Pilbara.

The company attributed the performance to record iron ore shipments of 63.3 million tonnes, which it said was achieved through a focus on operational efficiencies, productivity, quality, and safety.

Cash flow from mine operations totalled $3.3 billion, with the company paying $2.25 billion in dividends to shareholders.

Roy Hill also paid $605 million in state royalties and native title royalties, along with a further $1.4 billion in corporate tax payments to the end of June 2023.

Hancock said Roy Hill directly injected more than $1.6 billion into the West Australian economy and a further $1.26 billion into the rest of Australia’s economy through its contracts for goods and services.

Roy Hill executive chairman Gina Rinehart congratulated the company’s executives and thanked staff for their efforts over the past financial year.

“The continuing outstanding performance of Roy Hill is testament to our exceptional people and the way we operate,” she said.

“The dedication, hard work, and loyalty from each and every one of our staff is what drives our success.”

Rinehart also used the mine’s record production to call on governments to invest in the Australian resource sector now more than ever.

“We are currently battling onerous, time and money-consuming regulation with overlapping approval processes and other damaging policies all of which put a brake on investment and business development, and choke business with government tape,” she said.

“If we want our standards of living to continue, along with the many thousands of high-paying jobs created by mining, and significant benefits to the regions states and country more broadly, we must have policies which encourage investment and development of Australia’s mineral resources.”

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