Net profit for Gina Rinehart’s Atlas Iron falls to $260m on the back of lower ore prices

Gina Rinehart’s Atlas Iron posted a net profit of $260 million for the 2025 financial year “despite major production interruptions” caused by cyclone Zelia.

The bottom line result marked a 41 per cent year-on-year decrease, which the Hancock Iron Ore subsidiary stated was “heavily influenced” by a fall in the market price for iron ore.

The average realised price for the iron ore produced by Atlas from the Mt Webber, Sanjiv Ridge and Miralga mines decreased by 18 per cent to $US85 per dry metric tonne.

“Despite the impact of production downtime caused by severe tropical cyclone Zelia, maximum shipment allocation through Utah Point of 10 million tonnes was maintained.”

Cyclone Zelia tore through the Pilbara in February, which led to big production disruptions for Mineral Resources and Rio Tinto.

Sources have told The West Australian that a deluge caused by Zelia badly flooded a key Sanjiv Ridge haul road.

Atlas paid $136 million in corporate tax and $79 million in WA royalty payments for the 2025 financial year.

Its McPhee Creek project received all environmental approvals and commenced construction in the second quarter of FY25.

“As at 30 June 2025, establishment of the mine and construction of the accommodation village, internal roads and non-process infrastructure were well advanced,” Atlas stated.

“Upgrade of the Marble Bar Road section between the McPhee Creek project and Roy Hill mine has also progressed throughout the year, with completion of the road upgrades and first ore delivery both expected within the next financial year.

“A forward plan focussing on de-risking the Ridley magnetite project and advancing long-lead approvals was implemented during FY25.”

In June, Mrs Rinehart announced she would merge her Roy Hill and Atlas into one Pilbara iron ore mining entity — Hancock Iron Ore.

Mrs Rinehart congratulated “the hardworking and loyal” Atlas Iron team for “another strong performance”.

“Since coming under Hancock’s ownership in 2018, Atlas has accelerated its growth and profitability, maximising operational efficiencies and technical excellence,” she said.

“Thank you to all our staff for your hard work and loyalty.

“As we celebrate National Mining and Related Industries Day next month, on November 22, let’s all be proud of the many benefits mining delivers.”