Record iron ore shipments have propelled Roy Hill Ltd’s profits to A$3.2 billion.
The company shipped 64 million tonnes of ore in the 2023-24 financial year through Port Hedland and recorded an 18% rise in profit from 2022-23’s A$2.7 billion.
Roy Hill also reported more than A$1.4 billion injected into Western Australia’s economy and A$1 billion into the national accounts via operational spending on contracting and procurement.
Further contributions included a corporate tax payment of A$1.4 billion alongside A$665 million in state and native title royalties.
Government stifling growth claims Rinehart
While executive chairman Gina Rinehart credited Roy Hill’s 3,000 employees for their dedication, she continued criticism of regulatory constraints, which she claims hinder industry growth and argues could stifle new project developments.
“The threat of competition from other nations is real, particularly if they are able to operate with less government tape, less approvals systems and less government cost burdens,” she said.
“Australia’s increasing government intervention combined with ideological and expensive or impractical policies is negatively affecting new mining investment.”
She added, “It is critical that our politicians and governments implement ways to encourage business to grow and invest in Australia, such as to introduce special economic zones with less government red tape and less tax or rebates.
"This does not mean handing out billions of taxpayers’ dollars to those who so lobby.”