Hancock profits soar to A$4bn

4th November 2020 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – Iron-ore miner Hancock Prospecting has reported a A$4-billion net profit after tax for the full 2020 financial year, up from the A$2.6-billion reported in 2019.

The miner this week revealed that revenue from iron-ore sales increased to A$10.5-billion in the 2020 financial year, up from A$8.4-billion.

The Roy Hill iron-ore project, in the Pilbara, reached a production rate of more than 60-million tonnes a year equivalent for the fourth quarter of the financial year, boosted by the introduction of a new wet high intensity magnetic separation plant, which has the capacity to recover over four-million tonnes a year of iron-ore previously reported to waste.