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Article by Stephen Johnson courtesy of Daily Mail Australia.
Gina Rinehart’s Roy Hill mine makes $3.2 billion profit in 2021-22
* Gina Rinehart’s Roy Hill mine in the Pilbara made $3.2billion profit after tax
* But this represented a 28 per cent profit drop from the previous financial year
* Ms Rinehart is still Australia’s richest billionaire despite China’s harsh lockdowns
* This has caused a 36 per cent drop in the price of iron ore since March this year
Australia’s richest individual Gina Rinehart has reaped a $3billion profit from her largest iron ore mine despite Chinese lockdowns hitting demand for steel-making minerals.
The billionaire’s Roy Hill mine in Western Australia’s remote Pilbara region announced it had made a profit in the 2021-22 financial year.
But it revealed the $3.2billion profit after tax was 28 per cent weaker compared with the previous financial year because of falling iron ore prices.
However, this hasn’t threatened Ms Rinehart’s place as Australia’s richest man or woman, with her Roy Hill mine exporting 60million tonnes of iron ore for the first time ever during the last financial year.
Ms Rinehart is also the executive chairman of Hancock Prospecting, a large private company with mining and cattle interests which owns 70 per cent of Roy Hill Holdings.
She was No.1 on this year’s Australian Financial Review Rich List, with her estimated fortune of $34billion putting her ahead of fellow iron ore miner Andrew Forrest and Atlassian software co-founders Mike Cannon-Brookes and Scott Farquhar.
Australia’s billionaires have faced a tough year, from China’s lockdowns to higher global interest rates as the worst inflation in decades imposes cost of living pressures on low-income earners.
China’s stringent Covid-zero policies have hit global demand for the commodity used to make steel, with iron ore spot prices since March plunging 36 per cent from $US157 a tonne to just $US101 a tonne now.
In an interview with CEO Magazine, Ms Rinehart didn’t nominate Chinese Communist Party President Xi Jinping as one of her inspirations.
But she had a lot of kind words for Indian Prime Minister Narendra Modi, the leader of the world’s biggest democracy whose nation is a major buyer of coal exports.
Westpac senior economist Elliot Clarke is expecting China’s demand for coal to peak by the second half of the 2020s, which makes India a more important market for Australian coal exporters.
‘Although China has continued to add to its coal-fired capacity, power generation by the sub-sector has only grown at the margin in recent years,’ he said.
‘In stark contrast, China’s solar power generation has grown more than six times, and wind almost three times since 2015.’
Tellingly, Ms Rinehart nominated her late father Lang Hancock as one of her inspirations, but then explained she had a tough job three decades ago making his company profitable again following his death during the aftermath of a recession.
‘When I became executive chair in 1992, our company group was in a very difficult situation,’ she said.
‘We were facing significant financial troubles, with some related companies insolvent, and the few remaining assets were primarily either mortgaged to the hilt or facing legal challenges.’
As a proponent of free market economics, Ms Rinehart is also inspired by former U.S. Republican president Ronald Reagan and former UK Conservative prime minister Margaret Thatcher.
She is also inspired by leaders who have steered their nation through an existential threat, nominating World War II UK PM Winston Churchill and Ukraine President Volodymyr Zelensky, who has guided his nation through Russia’s invasion.
Ms Rinehart, who is also the executive chairman of Roy Hill Holdings, noted the $2.8billion her company paid in corporate tax and state government royalties helped fund public services.
‘When mining does well, Australia does well,’ she said in a company statement.
‘Once again, the significant contribution Roy Hill and mining in general makes to the country has been highlighted – creating jobs and opportunities, powering the economy through Covid and contributing to health, defence, police, our elderly, infrastructure and more.’
Gina Rinehart’s $3BILLION reason to smile: Australia’s richest woman celebrates extraordinary fortune despite China lockdowns – as she names the people who inspire her
30.11.2022
Ms Rinehart, who is also the executive chairman of Roy Hill Holdings, noted the $2.8billion her company paid in corporate tax and state government royalties helped fund public services. 'When mining does well, Australia does well,' she said in a company statement. 'Once again, the significant contribution Roy Hill and mining in general makes to the country has been highlighted - creating jobs and opportunities, powering the economy through Covid and contributing to health, defence, police, our elderly, infrastructure and more.'
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An Iron Giant: Gina Rinehart
29.11.2022
Sailing out across the turquoise waters of Port Hedland harbor aboard the Anangel Explorer, a vessel laden with the first shipment of iron ore from the US$10 billion Roy Hill Mine, is a moment that stands out of many milestones for mining magnate Gina Rinehart, the Executive Chair of Hancock Prospecting.
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Media Release | Results for Roy Hill Holdings Pty Ltd (“Roy Hill”) for the Financial Year Ended 30 June 2022
29.11.2022
29 November 2022.
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Business community warns Labor’s IR laws will result in 1970s-style strikes and job chaos
28.11.2022
“Businesses will carry a much heavier regulatory burden which inevitably leads to less productive workplaces. It is not a long term recipe for wage growth, it is the opposite.” WA’s mining giants including Gina Rinehart’s Hancock Prospecting and Rio Tinto have been among the most vocal critics, saying there was no evidence the reforms backed by unions would create real wages growth or boost productivity.
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Congratulations to the Hancock Group’s Executive Chair Dr. Gina Rinehart AO on her outstanding leadership
25.11.2022
This year marks a very special milestone for the Hancock Prospecting Group – a celebration for Mrs. Gina Rinehart ao who has strongly led the Group for 30 years in her role as Executive Chair. During this time, Mrs. Rinehart has led the company to become one of the most successful private mining houses in the world, not to mention the most successful private company in Australia’s history, after taking on the position of Chair when the company was not in a good position.
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WA launches infrastructure-specific initiative
24.11.2022
WA launches infrastructure-specific initiative he Western Australian Government has launched the Resources Community Investment Initiative which will facilitate investment in iconic state infrastructure projects and community and social initiatives across WA. The initial commitments total $750 million, with $250 million from Rio Tinto, $250 million from BHP, $100 million from Hancock Prospecting, Roy Hill and Atlas Iron, $50 million from Woodside Energy, $50 million from Chevron Australia and $50 million from Mineral and Resources.
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Rio Tinto: Albo’s plan a handbrake on wages & economy
23.11.2022
The Federal Government wants to pass legislation for the overhaul, including controversial measures increasing access to multi-employer bargaining, through the Parliament before Christmas. Mr Trott's comments come a day after Gina Rinehart's Hancock Prospecting warned forcing multi-employer bargaining on to the mining sector would jeopardise billions of dollars in future royalty and tax revenue for WA.Hancock Prospecting chief executive Garry Korte said a sixweek strike at Port Hedland would cost $9 billion in lost iron ore export revenue.
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BILLION DOLLAR BABY
23.11.2022
Six of WA's biggest miners Rio Tinto, BHP, Hancock Prospecting, Woodside, Chevron and Mineral Resources were on Tuesday confirmed as the inaugural donors to the Resources Community Investment Initiative. Unveiling the new fund which will be used to pay for major "legacy" projects like the $400m Aboriginal Cultural Centre and the $250m Perth Zoo redevelopment Mr McGowan said he expected it would continue to swell.
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