When all you have is shovel, everything looks like a hole

More on the declining fortunes of Australia’s iron ore billionaires today. Gina Rinehart is basking in the glow of the last great iron ore boom:

Roy Hill, in Western Australia’s Pilbara region and majority-owned by Mrs Rinehart’s Han­cock Prospecting, on Friday will announce a $4.4bn net profit for the year to June 30, double the $2.2bn it made last year.

The mine exports about 60 million tonnes of iron ore annually, and profits were boosted by surging iron ore prices during the 2021 financial year and a close focus on controlling costs across the business.

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