Atlas Iron, a subsidiary of Gina Rinehart’s Hancock Prospecting, reported a 41 per cent decrease in full-year profit, attributing the downturn to cyclonic weather and lower iron ore prices. The West Australian company posted a net profit of $260 million for the 2024-25 financial year, a significant drop from the $440 million recorded in the previous year. Atlas Iron is an iron ore mining company operating primarily in the Pilbara region of Western Australia. It is a key component of Hancock Prospecting’s iron ore portfolio.
Severe Tropical Cyclone Zelia, which impacted the Pilbara region in mid-February, caused major production interruptions, according to Atlas. The company noted that prices paid by customers were 18 per cent lower than the previous year, averaging $US85 per tonne. Despite these challenges, Atlas maintained its production volume, with its Sanjiv Ridge, Miralga, and Mt Webber mines collectively producing 10 million tonnes of iron ore, matching the previous year’s output.
Gina Rinehart recently merged Atlas Iron with her other iron ore miner, Roy Hill, under the Hancock Iron Ore banner. Rinehart commented on Atlas’s performance since Hancock Prospecting acquired the company in 2018, stating that it has experienced accelerated growth and improved profitability through enhanced operational efficiencies and technical expertise. Hancock Prospecting is a diversified mining and agricultural business with interests in iron ore, coal, and cattle.