Hefty profit for Hancock

GINA Rinehart’s Hancock Prospecting has posted an 80% rise in full-year net profit after tax to A$7.3 billion.
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Gina Rinehart

Staff reporter

The 70%-owned Roy Hill iron ore mine is the company's largest contributor with a profit of $4.4 billion.

Atlas Iron posted a full-year profit of $938 million.

Hancock said it established an equity investment portfolio with a focus on "future metals" including copper, rare earths and lithium, which produced an overall return of more than 60% on an initial investment of $669 million.

Hancock also has agriculture, coal, potash and gold interests.

The company has paid $1.25 billion in dividends but has a provision of $3.97 billion as of September 30 due to disputes under a binding deed with its beneficial owners.

Hancock paid $2.7 billion in federal and state taxes.

The company has a gearing ratio of just 1%.

Hancock said it was one of the most successful private companies in Australian history and the most successful private mining and agriculture company.

"It is also one of the most successful private mining companies in the world," Hancock said.