Hancock Iron Ore delivers $1.8B annual profit

Full story: https://grafa.com/en/news/australia/hancock-iron-ore-delivers-1-8b-annual-profit

Key points

Hancock Iron Ore generated a $1.8 billion net profit for FY26 despite falling commodity prices.
Revenue rose by $373 million to $8.76 billion, while lower margins pulled net profit down from $2 billion in FY25.
Strategic operational upgrades extended the Roy Hill mine life and brought the McPhee Creek site into active production.

Hancock Iron Ore reported a $1.8 billion net profit for the 2026 financial year amid softening global prices for the core steel-making commodity.

The result compares to a net profit of approximately $2 billion recorded in the previous financial period, even as total revenue grew to $8.7 billion.

“Yet again some fantastic achievements as a result of the dedication and loyalty of our people, and I sincerely thank everyone for their terrific efforts throughout the year,” said Hancock Iron Ore Executive Chairman Gina Rinehart.

The mining operation shipped 71.5 million tonnes of iron ore from the Pilbara region, including 63.2 million tonnes from the Roy Hill Project.

The company completed full autonomous haulage at Roy Hill and delivered first ore from its new McPhee Creek mine in June.

Hancock Iron Ore paid $1.59 billion in corporate taxes, royalties and native title contributions while spending $3.1 billion with local Western Australian suppliers during the year.

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Revenue rose by $373 million to $8.76 billion, while lower margins pulled net profit down from $2 billion in FY25. Strategic operational upgrades extended the Roy Hill mine life and brought the McPhee Creek site into active production. Hancock Iron Ore reported a $1.8 billion net profit for the 2026 financial year amid softening global prices for the core steel-making commodity. The result compares to a net profit of approximately $2 billion recorded in the previous financial period, even as total revenue grew to $8.7 billion. “Yet again some fantastic achievements as a result of the dedication and loyalty of our people, and I sincerely thank everyone for their terrific efforts throughout the year,” said Hancock Iron Ore Executive Chairman Gina Rinehart. The mining operation shipped 71.5 million tonnes of iron ore from the Pilbara region, including 63.2 million tonnes from the Roy Hill Project. The company completed full autonomous haulage at Roy Hill and delivered first ore from its new McPhee Creek mine in June. 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