Roy Hill gets its debt down

ALL cashflow from Gina Rinehart’s Roy Hill mine is going into paying down its debt, meaning the operation’s debt was reduced close to $800 million.

Roy Hill gets its debt down Roy Hill gets its debt down Roy Hill gets its debt down Roy Hill gets its debt down Roy Hill gets its debt down

Rinehart and friends at Roy Hill

The mine received lender's completion status last year.
That meant Rinehart's Hancock Prospecting did not receive any royalties from the operation. However, that did not stop it recording a 28% increase in full-year net profit after tax.
Revenue for the year ended June 30 rose 36% to A$6.03 billion, while net profit after tax increased to $1.37 billion, up from $1.07 billion a year earlier and $443 million in FY16.
Hancock had overall group debt of A$6.9 billion and gearing of 71%, down from $7.7 billion and 86% a year earlier.
The company said total taxes paid amounted to around $860 million, including $600 million in income tax.
Hancock said Rinehart paid more tax than any other Australian, personally and through Hancock.
A dividend of $528 million wil...

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