News

WA mining identities Gina Rinehart and Chris Ellison will join forces in a landmark deal to develop new port facilities at South West Creek in Port Hedland to help unlock stranded iron ore assets in the Pilbara. Mr Ellison described the partnership and infrastructure-sharing deal as the first of its kind in the Australian resources industry. “We look forward to working with Hancock, Roy Hill, PPA and the State Government to progress this project which would help unlock stranded assets in the Pilbara and would create thousands of jobs for West Australians for years to come.”

Hancock Prospecting Pty Limited (Hancock) and Mineral Resources Limited (MRL) are pleased to announce that they have entered into a legally binding agreement under which they will jointly investigate the potential to develop a new iron ore export facility at the Port of Port Hedland’s Stanley Point berth 3 in South West Creek, where Roy Hill Holdings Pty Ltd (Roy Hill) would provide services to both MRL and Hancock for development and operation of the project, including rail haulage and port services (Project).

“As a business we are wholeheartedly committed to providing support for breast cancer patients and ongoing research into the disease, as well as welcoming women in mining. All of this is driven by the unrelenting passion of Roy Hill Executive Chairman, Mrs. Gina Rinehart, who has directly initiated ideas that have captured the hearts and minds of our people, and wider, such as painting our trucks and locomotives pink, and naming them after those in our business who have suffered cancer,” said Gerhard Veldsman, Roy Hill’s CEO.

The Hancock Prospecting Group posted one of the largest profit margins for private companies in the country with revenue up from $10.5 billion to $16.6 billion. The company paid $2.7 billion in taxes for the year.

It’s Gina Rinehart’s world and we’re just living in it. Hancock Prospecting, majority owned by Australia’s richest person Rinehart, was far and away the most profitable private company in Australia in FY21 and among the most profitable in its corporate history.

Gina Rinehart’s private company has posted an 80 per cent jump in profit on the back of higher iron ore prices while also revealing big gains from its shares portfolio. Hancock Prospecting announced today its net profit after tax had increased to $7.3 billion for the year to June 2021. That’s up from $4.1 billion in the prior year and just $443 million in FY16.

Release date 26 November 2021.

The result for the billionaire’s mining and investment company is just shy of the $8.8bn net cash profit recorded by the Commonwealth Bank, the biggest company on the ASX, for the 2021 financial year. In a statement, Hancock said: “Under its dedicated leadership, Hancock is one of the most successful private companies in Australia’s history, and the most successful private mining and agriculture company in Australia’s history. “It is also one of the most successful private mining companies in the world. Our staff are rightly proud of these achievements.”

The Hancock Prospecting Group (HPPL) has again recorded an outstanding and strongly improved net profit after tax from operations for the year ended 30 June 2021, an increase of some 80% over the previous year.

Discussion in relation to Gina Rinehart suggested innovations of change to the aged pension system.

It also sets the scene for Hancock to reveal what will almost certainly be the biggest profit for a private Australian company later this year. Mrs Rinehart said the importance of mining to Australia had “never been more evident during (2021), a time in which I am immensely proud of Atlas and our people and their contribution to safeguarding the economic prosperity of WA and Australia. When mining does well, so does Australia.”

Atlas operates the Mt Webber mine 230km from Port Hedland in WA and the newly commissioned Sanjiv Ridge mine that had its first shipment in the 2021 finance year. The Atlas profit comes after Mrs Rinehart’s huge Roy Hill mine served up a massive $4.4bn net profit for the year to June 30, double the $2.2bn it made last year, from the shipping of about 60 million tonnes of iron ore in 12 months.