Courtesy of The West Australian
10.06.2025
Gina Rinehart has revealed plans to create a single iron ore powerhouse by merging Roy Hill with Atlas Iron in a major shake-up of the billionaire’s business empire.
The move to form the mega company, to be called Hancock Iron Ore, was announced by Mrs Rinehart on Tuesday night at the Roy Hill mine in the Pilbara, according to The Australian.
Roy Hill main source of wealth for Mrs Rinehart and her majority-owned Hancock Prospecting.
The Pilbara mine reported a $3.2 billion profit in the 2023-24 financial year and delivered a $4.05b dividend, after churning out 64 million tonnes of the steelmaking input.
Amalgamating the two iron ore businesses will make for a leaner operation.
Roy Hill employs around 2800 workers, while Atlas Iron’s workforce relies largely on contractors.
Both companies have been run by Gerhard Veldsman, who will be the chief executive of Hancock Iron Ore.
Mrs Rinehart also used the announcement in the Pilbara to stress the importance of policies that support mining investment.
“Regrettably, more recently investment into Australia is declining. This will badly affect tax revenue, record national debt, opportunities and living standards,” she said, according to The Australian.
“As I often say, when mining does well, so do Australians, but I need to add, when mining doesn’t do well, nor do Australians.”
