The Roy Hill mine in Western Australia has delivered $3.2 billion in net profit after tax for the 2023–24 financial year (FY24), cementing the operation as the largest revenue and profit earner for majority owner Hancock Prospecting.
The Gina Rinehart-owned asset attributed the high financial performance to its record annual production and shipments of 64 million tonnes of iron ore, achieved by focusing on operational performance, improved efficiencies and maintaining safety standards.
This is evident by Roy Hill taking home the Excellence in Mine Safety, OH&S award and the Australian Mine of the Year award at the 2024 Australian Mining Prospect Awards.
“Congratulations and thank you to all the Roy Hill staff for their efforts over the past year,” Rinehart said.
“I’m extremely proud and delighted to hear our staff say they work for the best mining company in Australia, and to be recognised as ‘Australian Mine of the Year’ for the third time. This is confirmation of the dedication, teamwork, hard work, and loyalty from each of our employees.
“Looking ahead we will continue to build on that record, while remaining focused on maintaining a strong safety culture, investing in our people and ensuring we continue to deliver quality and reliable product to our customers.”
Roy Hill paid $665 million in state royalties and Native Title royalties during FY24, as well as $1.4 billion in corporate tax.
The operation also injected more than $1.4 billion into the WA economy and a further $1 billion into the Australian economy through its contracts for goods and services, which have created opportunities for several small, medium and larger businesses, including Indigenous contractors.
An additional $542 million was committed to new capital during FY24, including the autonomous haulage system fleet expansion Roy Hill has locked in with Epiroc, as well as the renewal of mine and rail equipment, and new infrastructure.
Hancock Prospecting chief executive officer operations Gerhard Veldsman said Roy Hill’s FY24 performance was driven by productivity, innovation, and operational excellence.
“We are incredibly proud of what we have achieved this year through operational improvements and ensuring every part of the business safely contributed to maximising output,” Veldsman said.
“I want to thank our entire team for their dedication and for working together across the business to achieve these outstanding outcomes.”
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