Mining baroness Gina Rinehart has taken a small stake in coal junior Australian Pacific Coal after sealing a deal with India’s GVK over coal developments in Queensland’s Galilee Basin.
As foreshadowed in the Financial Review’s Street Talk column, Australia’s richest woman seems to have gained an appetite for coal minnows including Australian Pacific Coal, which has rights to explore coal tenements located close to Mrs Rinehart’s proposed rail line from the Galilee Basin to the port of Abbot Point, near Bowen.