Gina Rinehart’s Atlas Iron is celebrating a double-digit increase in sales and revenue for the 2023–24 financial year (FY24).
The company is attributing the results to a 12 per cent lift in sales compared to FY23, higher headline iron ore prices, and an increase in the company’s average realised price.
Hancock Prospecting executive chairman Gina Rinehart thanked the business for its work.
“Thank you and congratulations to all our Atlas staff on your efforts and all you’ve achieved this year,” Rinehart said.
The company is currently working on ramping up its McPhee iron ore mine in the Pilbara after receiving approvals from the Federal Government in September.
Various environmental and regulatory hurdles have resulted in Atlas pushing the opening milestone to FY26.
“Unfortunately, the McPhee project faced a lengthy delay … But with final approvals in hand, we look forward to progressing this project and unlocking another economic opportunity for West Australians,” Rinehart said.
During FY24, Atlas produced consistent product from its Mt Webber, Sanjiv Ridge and Miralga mines in Western Australia, shipping 10 million tonnes (Mt). This was an increase from the 8.8Mt shipped in FY23.
“FY24 was an outstanding year for Atlas, and I want to congratulate the team for their results,” Atlas chief executive officer operations Gerhard Veldsman said.
“Atlas’ profit in FY24 of $440 million is the basis for not only increasing wages and bonuses to keep up with the mounting costs of living, but also investments.”
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