PERTH (miningweekly.com) – Unlisted iron-ore major Hancock Prospecting has reported a A$5.8-billion net profit after tax for the 2022 financial year.

Net profits after tax for the 2022 financial year compared with the A$7.3-billion reported in 2021 and the A$40.7-billion in 2020.

Revenue for 2020 also reached A$14.64-billion, down from the A$16.6-billion in 2021, while profit before tax was recorded at A$8.3-billion, compared with the A$10.28-billion last year.

The Roy Hill operation shipped 60.4-million tonnes of iron-ore during the financial year, contributing A$3.2-billion profit after tax, while the four Hope Downs iron-ore mines operated at capacity at 51.7-million tonnes, contributing to a net profit of more than A$2-billion.

The Atlas Iron subsidiary shipped 9.8-million tonnes of iron-ore during the year, from its Mt Webber, Sanjiv and Miralga mines, delivering a net profit of A$302-million.

Hancock Prospecting noted on Wednesday that studies for the development of the Hope 2 and Bedded Hilltop deposits, at Hope Downs, are ongoing and additional resource drilling is under way at Hope 4 to underpin optimal production over the long term.

The feasibility study for the 10-million-tonne-a-year McPhee Creek project was also completed during the year under review, and an investment decision to develop the A$605-million project was approved by the Atlas board. The low alumina iron-ore from this deposit will be processed through the Roy Hill plant from 2024, extending the operating life of Roy Hill.

Meanwhile, during the year under review, Hancock Prospecting entered into an agreement with ASX-listed Mineral Resources to jointly develop the Stanley Point berth 3 as an iron-ore export berth at Port Hedland’s South West Creek. The project remains subject to a final investment decision by both companies, which is targeted for early 2023, as well as other necessary approvals.

Hancock will also be leading the bankable feasibility study on the Hardey iron-ore project in the Pilbara, owned by the Australian Premium Iron joint venture, which is targeted at producing 10-million tonnes a year using the Roy Hill rail, port and other infrastructure for the export of the ore.