Hancock Iron Ore posts $1.8 billion profit despite falling iron ore prices
Hancock Iron Ore earned $1.8 billion in FY2026 while shipping 71.5 million tonnes and extending its flagship mine's operational life.
Hancock Iron Ore, owned by Australia's richest person Gina Rinehart, made a net profit of $1.8 billion for the year ended June 30, down slightly from about $2 billion the previous year. Revenue rose to $8.76 billion despite weakening iron ore prices.
The company shipped 71.5 million tonnes from its Pilbara operations: 63.2 million tonnes from Roy Hill and the rest from Atlas Iron. During the year, operational improvements extended Roy Hill's lifespan by more than a decade, and the new McPhee Creek mine delivered its first ore in June.
The company also completed autonomous haulage at Roy Hill and opened a new West Perth headquarters. Rinehart warned that bad government policy risks jeopardising investment and mining's contribution to funding hospitals, defence and emergency services.
- $1.8 billion
- Net profit FY2026
- 71.5 million tonnes
- Total iron ore shipped
- 63.2 million tonnes
- Roy Hill shipments
- $8.76 billion
- Revenue FY2026
Why it mattersIron ore is one of Australia's largest export earners and funds critical services; any threat to mining investment directly affects public spending and jobs.
AustraliaHancock Iron Ore paid $1.59 billion in taxes, royalties and Native Title contributions in FY2026, spent $3.1 billion with Western Australian suppliers, and employed thousands in high-paying mining jobs.
✓ Claims checked against the source. checked 2 h ago
