Big investments should result in big returns and whilst this isn’t always the case due to the fickle cyclical nature of mining commodity markets the past year has been one Gina Rinehart’s Hancock Prospecting will remember for all the right reasons.
This year Hancock’s partnership with Rio Tinto at Hope Downs and their share in Roy Hill have see revenues jump from $2.6 billion in fiscal 2014 to a record $4.45 billion.
The company reported a $1.07 billion profit after tax. Income taxes paid, which go to support the living standards of all Australians, also grew strongly from $191 million to $683 million over the year.
Growth has also resulted in employment increases from 500 people in 2014 to 1381 in fiscal 2016 and 1731 at June 30.