Gina Rinehart’s flagship Roy Hill iron ore operations have reported a significant drop in profit, with net profit after tax falling to $1.8 billion in the 2024-25 financial year. This represents a 44 per cent decrease from the $3.2 billion recorded in the previous year. The decline is attributed to lower prices received for iron ore, a key export commodity for the West Australian producer.
Roy Hill is an iron ore mining company controlled by Rinehart’s private vehicle, Hancock Prospecting. It is a major player in the Australian resources sector, extracting and exporting iron ore to global markets. The company’s output was also affected by adverse weather conditions, with Severe Tropical Cyclone Zelia impacting production in February. As a result, Roy Hill shipped 61.6 million tonnes of iron ore, a decrease from the record 64 million tonnes exported in the previous year.
Rinehart’s Hancock Prospecting recently merged Roy Hill with Atlas Iron, another mining subsidiary, forming Hancock Iron Ore. The group is actively developing the McPhee Creek mine, situated approximately 100 kilometres north of the Roy Hill operations. This new mine is projected to produce 8 million tonnes of ore annually and is scheduled to commence operations next year.
According to Rinehart, the McPhee Creek development will ensure Hancock Iron Ore remains a reliable iron ore supplier in the global market. She added that this expansion will provide ongoing benefits for employees, business partners and contractors.
