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Huge year for Rinehart's Hancock Prospecting

Gina Rinehart’s Hancock Prospecting has reported a A$4 billion net profit after tax for the last financial year, a 56% improvement on the previous period.
Huge year for Rinehart's Hancock Prospecting Huge year for Rinehart's Hancock Prospecting Huge year for Rinehart's Hancock Prospecting Huge year for Rinehart's Hancock Prospecting Huge year for Rinehart's Hancock Prospecting

Gina Rinehart

Staff reporter

The profit was achieved as revenue increased 25% to $10.5 billion.
 
Hancock is now effectively debt free after a US$7.2 billion facility for the Roy Hill operation was repaid after the year ended.
 
Last month Hancock also paid its first dividends, worth A$475 million, while taxes paid amounted to $2.1 billion.
 
While Hancock has a broad portfolio of interests in the mining and agricultural space, its stake in Western Australia's Roy Hill iron ore operation is its centrepiece by a very substantial margin.
 
In a media release made by the company, Rinehart emphasied the Roy Hill tenements were applied for under her direction in 1992, five months after she became chair of the company following the passing of her father, Lang.
 
 

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