Roy Hill a huge export earner
Article by Matt McKenzie courtesy of Business News
Roy Hill sales hit $6.4 billion in the year to June, with the company reporting payment of more than $900 million in taxes.
Revenue was up 24 per cent, the company said, and profit increased 60 per cent to $2.2 billion.
About $475 million of dividends was paid to parent company Hancock Prospecting , and $400 million of new capital investment committed during the year.
It comes a week after Hancock reported a 56 per cent rise in profit to $4 billion.
Roy Hill executive chairman Gina Rinehart said Roy Hill had repaid all its debt.
“As we look forward, subject to securing government approvals, our growth plans will see us increase from 60 million tonnes per annum to 70mtpa,” Ms Rinehart said.
“This along with continued capital investment and innovation projects, such as our wet high intensity plants and automation project are driving efficiencies across our mining operations, and will see us grow the 2,800 jobs we already provide and continue to generate revenue in tax and royalties for the national and state governments”.
“Mining is an industry we can all be very proud of.
“It’s an industry we shine in internationally, creating many opportunities, and helping to raise living standards.
“Mining contributes more to our nation than any other industry and will be crucial to the country’s economic recovery.
“However, if Australia wants to remain internationally competitive and grow its exports and revenue, we need our government to significantly cut its onerous, investment deterring burdens of government tape and taxes.
“Investment is needed to expand our mines and grow our new mines of the future, so that mining can continue its immense contribution to our country.