Following the Australian Tax Office’s release of its Transparency Report for FY17, several media outlets have incorrectly reported Roy Hill’s tax liability within the context of its major shareholder, Hancock Prospecting Pty Ltd (HPPL).
During the 2017 fiscal year, Roy Hill Holdings (Roy Hill) reported approximately $2.0 billion in total sales. As Roy Hill is in its early phases, there was no taxable income due to carried forward losses, given the huge loans it entered into, approximately $7.2 billion to build the project.
Given these loans to enable the project, Roy Hill’s contribution to the Australian fiscal component of the economy continues to significantly increase. Between 2012 and 2018, Roy Hill has paid over $492m in federal and state taxes and royalties.
As a $10 billion mega iron ore project, Roy Hill directly or indirectly employed over 50,000 people during its construction phase. Roy Hill currently provides direct employment for over 2,000 men and women. Tax revenue is created from these employees, employees of contractors and indirect employees.
Roy Hill wishes everyone a safe festive period, especially those people who will be working at this time.
The WorkSafe Christmas tree made from mining helmets, which is in Kalgoorlie.
Photo credit – this photo was sourced from the Artgold Facebook page.
Tonight at Roy Hill’s annual Christmas function, the staff celebrated all that they’ve achieved this year. Although Roy Hill Chairman Mrs Gina Rinehart was unable to attend, she did ask Chief Financial Officer Greg Hawkins to say a few words on her behalf, to acknowledge the hard work of the Roy Hill team who have made this year a success.
Roy Hill is proud to confirm that its Chairman Mrs Gina Rinehart, and majority owner Hancock Prospecting have both been recognised overnight at the 16th Annual Mines and Money Awards for Outstanding Achievement in London.
Mrs Rinehart was awarded a special award for her outstanding contribution in the mining and resources sector.
Hancock Prospecting, of which Mrs Rinehart has been Executive Chairman for over 25 years, was also recognised, winning the prestigious Mining Company of the Year (Australia) Award for its impressive milestones and achievements.
The Mines and Money Awards for Outstanding Achievement are billed as the most prestigious awards for the global mining investment community, attracting over 500 industry leaders from all corners of the mining investment world.
Find out more about the Mines and Money Awards here.
Please read the media statement here.
Attendees at the 2018 National Mining Day and the 2018 National Agriculture Day supported a petition urging the Australian Federal and State Governments to help restore the competitiveness of industry by cutting red tape and reducing excessive taxation. In support of this petition, Roy Hill urges industry supporters to download the below petition for stakeholders to sign and return to Hancock Prospecting (firstname.lastname@example.org) for collation.
To find out more about National Mining and Related Industries Day, please go to www.miningday.com.au.
On Thursday 22 November, His Excellency General the Honourable Sir Peter Cosgrove AK MC (Retd), Governor General of the Commonwealth of Australia and Her Excellency Lady Cosgrove hosted a gala reception at their Canberra residence in Yarralumla to celebrate the sixth annual National Mining and Related Industries Day.
Patron and Founder, Mrs Gina Rinehart, along with Co-Patron Mr Tad Watroba, also welcomed guests who came from as far away as Switzerland and Japan, as well as from all over Australia. The Governor-General gave a welcome address after which Mrs Rinehart gave a short speech to acknowledge key industry partners.
The reception was a wonderful opportunity to show appreciation for Australia’s mining and related industries – ultimately, one of our country’s most significant and necessary industries.
Roy Hill has signed a Memorandum of Understanding with Xiamen ITG Group Corporation Ltd (ITG), at the China International Import Expo today in Shanghai.
Established in 1970, ITG has grown into a supply chain management conglomerate providing not only the supply of iron ore and coal to steel mills and distribution for finished product, but also price, volume and logistic optimisation advice to steel mills across China. In addition, ITG is a shareholder of Fujian Sansteel Group, a leading steel mill in South East China.
Roy Hill has signed a Memorandum of Understanding with Angang Group International Trade Corporation, at the China International Import Expo last night in Shanghai.
In a speech delivered at the Expo, Roy Hill CEO Barry Fitzgerald acknowledged the long association Roy Hill’s majority owner Hancock Prospecting has had with Angang, from which Roy Hill has benefited. In 2008, Hancock Prospecting Chairman Mrs Gina Rinehart celebrated the inaugural shipment of Hope Downs iron ore to Dalian with Angang.
- Profit for the year after tax up 69% year on year to $558 million
- Operating Sales Revenue up 68% year on year to $3,840 million
- Ramp up to full production achieved during financial year
- Production up 54% year on year
- Net borrowings down
- Paid $243 million of Western Australian State Royalties
Roy Hill is delighted to announce it has won the 2018 Safety and Health Resources Sector Engineering Award at the Department of Mines, Industry Regulation and Safety (DMIRS) Awards for Excellence ceremony, held at the Perth Convention and Exhibition Centre tonight.
The Engineering Award recognises an innovation in maintenance, engineering or infrastructure that has enhanced the safety and health of employees.
Roy Hill was recognised for its Lightning Protection System (LPS); an innovative and long-term solution to address the significant risk of lightning strikes on the safety and wellbeing of employees at the Roy Hill Mine Village.