Gina Rinehart’s huge pay day as Roy Hill Holdings adds $2.3b to its fortune


Mining magnate Gina Rinehart has pulled in a staggering $2.3 billion from her most successful venture.

Ms Rinehart’s mine in Roy Hill, controlled by her private company called Hancock Prospecting, generated an eye watering profit of $3.3 billion in the past 12 months, up until July this year.

Although that sounds like a lot of money, it actually represents a drop of 28 per cent for Hancock Prospecting compared to the previous year, because of low prices for iron ore amid shortages and trade wars with China.

Hancock owns a majority stake in the mine, at 70 per cent, followed by Marubeni Corporation at 15 per cent, then POSCO with a 12.5 per cent share and China Steel Corporation at just 2.5 per cent.

That means it’s a massive payday of $2.3 billion for Ms Rinehart and her company.

Ms Rinehart is already Australia’s richest person with a net worth of $34 billion, according to the AFR’s most recent rich list.

With the massive profit also came an eye-watering amount of necessary payments, with Roy Hill forking out $761 million in State Royalties and Native Title royalties and $2.1 billion on tax.

The company said it spent a further $2.3 billion to pay contractors for their work.

Mrs Rinehart thanked Roy Hill employees for “another great year” and said Australia benefited as a whole when her company did so well.

It’s been a lucrative time for Ms Rinehart, with Atlas Iron, another company she controls, delivering a $225 million dividend to Hancock a day earlier.

Atlas Iron posted a $302 million profit and revenue of $1.32 billion.

Atlas said the average worth of iron ore dropped to $US107 a tonne in the last financial year, compared to $US134 a tonne in the previous like period.

Rinehart has courted controversy in the past few weeks after she controversially pulled out of a $15 million netball sponsorship deal.

In late October, Hancock Prospecting ended the deal after Rinehart copped criticism from netball players for refusing to denounce comments made by her father Lang Hancock in 1984 about “breeding out” Indigenous Australians.

Then, earlier this month, Ms Rinehart made headlines again when she was spotted at Donald Trump’s presidential bid announcement.

Ms Rinehart, who has previously spoke of her support for Trump, was at his Mar-a-Lago resort in Florida for his announcement of his 2024 presidential bid.

She was recognised in the background of a selfie taken at the event by Eric Trump.



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