Atlas Iron, a subsidiary of mining magnate Gina Rinehart’s Hancock Iron Ore, lodged a $260 million profit for the 2025 financial year, despite falling iron prices and the disruptive impact of Cyclone Zelia.
The company maintained steady sales at 10 million wet metric tonnes, with an average realised price of $US85 ($A129) per dry metric tonne (DMT), amounting to an 18 per cent decrease.
Atlas paid $215 million in corporate tax, royalties and payroll tax, of which $136 million was corporate and $79 million was state royalties, alongside $51 million in staff payments and $14 million in staff income.
Hancock executive chair Gina Rinehart congratulated the Atlas teams for another “strong performance”, and thanked them for their hard work.
“Since coming under Hancock’s ownership in 2018, Atlas has accelerated its growth and profitability, maximising operational efficiencies and technical excellence,” she said.
Pushing through the production downtime caused by Zelia – which hit the Pilbara region in mid-February 2025 – Atlas was able to maintain and complete maximum shipment allocation through Utah Point of 10 million tonnes per annum.
At the same time, its McPhee Creek project received all its environmental approvals and commenced construction in the June quarter of the 2025 financial year. This included the mine being established, the construction of the accommodation village, internal roads, and non-process infrastructure.
Road upgrades were completed, and the first ore delivery is expected within FY26 between McPhee Creek and Roy Hill mine, as Atlas secured an offtake agreement with Roy Hill Iron Ore earlier in the financial year.
More broadly, Atlas contributed $737 million to Australian suppliers, with 98 per cent of that amount ($723 million) going to Western Australian suppliers.
Hancock chief executive officer (CEO) Gerhard Veldsman said that despite the challenges, Atlas was able to deliver.
“Our dedicated and loyal teams maintained a safe, consistent and reliable operational performance which resulted in Atlas maintaining its maximum shipping allocation,” he said.
“Looking ahead, by bringing together our two iron-ore operating businesses under the Hancock Iron Ore banner, we are well positioned to unlock further value for our customers, partners and staff.”
Looking ahead, a forward plan focusing on de-risking the Ridley Magnetite project and advancing long-head approvals is in place, setting Atlas for a solid FY26 start.
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