Ceremony for th first shipment of iron ore from Roy Hill in Port Hedland. Gina Rinehart and her daughter Ginia takes centre stage for the group photo after the ceremony. Picture: Mogens Johansen, The West Australian
Billionaire mining magnate Gina Rinehart celebrated the tenth anniversary of Roy Hill on Wednesday, marking a decade since the project shipped its first iron ore from the Pilbara region of Western Australia. The event, attended by long-serving staff and notable figures including her daughter, Ginia, highlighted the significant achievements of the operation since its inception.
Roy Hill’s journey began with the first shipment of ore in December 2015, following a rapid construction period that lasted just two years and cost approximately $10 billion. In her speech, Rinehart acknowledged the challenges faced during the project’s development, stating that at times, the team believed Roy Hill “might not happen.” She commended the resilience of her staff, who navigated “the onerous burden of thousands of government approvals and permits, endless regulatory hoops, and layers of government tape.”
Significant Achievements and Future Outlook
Since the first shipment, Roy Hill has exported over 500 million tonnes of iron ore, becoming a vital component of Australia’s mining sector. Earlier this year, Roy Hill merged with Atlas Iron, and the operation now operates under the broader Hancock Iron Ore banner. The anniversary celebration included recognition of long-serving employees with awards, reflecting the contributions made by the workforce in achieving these milestones.
Rinehart expressed gratitude to her staff, stating, “One of the best things for me about our mining project is that I know this has helped you pay off your mortgages and enabled you to make significant life choices, from home improvements to private education for your children, and more.” The mining industry, she emphasized, offers higher wages compared to other sectors, which has positively impacted the lives of many employees.
Financial Backbone and Policy Concerns
The financing of the Roy Hill project was a monumental achievement, involving a consortium of five export credit agencies and 19 international commercial banks. This financial arrangement is believed to represent the largest commercial deal between Australia and South Korea. Rinehart noted that the project financing package was the largest ever secured for a greenfield mining development, stating that it was finalized just in time as equity funding was nearing depletion, and closure plans were being drafted.
During her address, Rinehart also reiterated her concerns regarding “bad government policies” and the risks they pose to Australia’s international competitiveness. Her remarks underscore the ongoing discussions within the industry about the regulatory environment and its implications for future mining projects.
The celebration of Roy Hill’s decade-long success serves as a testament to the hard work and dedication of its employees, as well as the strategic foresight of its leadership. As the operation continues to grow and adapt, the impact of this mining venture on both the local and national economy remains significant.
