Gina Rinehart enjoys ore power with $21.5bn in riches
A RECOVERY in iron ore prices has pushed the personal wealth of mining magnate Gina Rinehart beyond $20 billion, new research shows.
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A RECOVERY in iron ore prices has pushed the personal wealth of mining magnate Gina Rinehart beyond $20 billion, new research shows.
GINA RINEHART WINS APPEAL TO HAVE FAMILY TRUST DISPUTE HELD PRIVATELY
US financial magazine Forbes says Mrs Rinehart is now worth a colossal $US16.6 billion ($21.5 billion).
When it last compiled its list of Australia’s 50 richest people, in January last year, Mrs Rinehart’s wealth was put at $8.5 billion — meaning it has almost doubled in 22 months.
It comes after Mrs Rinehart’s Hancock Prospecting doubled its profit the past financial to more than $1 billion.
Financial statements for Hancock, which is a private company, were filed on Thursday and show a 142 per cent surge in net profit — from $443 million to $1.07 billion — for the year to June.
The big driver was a huge jump in mineral sales, from $1.9 billion to $4.5 billion, thanks mainly to the Roy Hill project in the Pilbara region of Western Australia. It hit full capacity during the year — later than originally expected.
“The Roy Hill project is now a contributor to Hancock’s revenue and profit, and is largely responsible for the 160 per cent increase in revenue for the year,” the company said in a media release.
Another major factor in Hancock’s improved bottom line was a jump in the price of iron ore, which on average was 25 per cent higher than for the previous financial year.
Mrs Rinehart has also reclaimed top spot on the Forbes list after last year ranking second to Blair Parry-Okeden.
Ms Parry-Okeden, who was born in the US but lives at Scone, northwest of Sydney, topped the table last year with a net worth of $US8.8 billion.
Forbes decided to exclude her from the Australian list this year on the basis she has “no business ties to Australia”.
But even if she were on the list, Ms Parry-Okeden, worth about $US11.8 billion — she inherited a quarter of US automotive and publishing conglomerate Cox Enterprises in 2007 — would be ranked behind Mrs Rinehart this year.
Forbes said that when it last compiled the list, iron ore was fetching about $US42 a tonne. The spot price is now about $US60.
“That $US20 jump makes a big difference for Rinehart as she sells close to 80 million tonnes a year through her major stakes in the Roy Hill and Hope Downs mines in Western Australia’s remote Pilbara region,” Forbes said.
Those on the rich list have a wealth of at least $US700 million this year, up from $US500 million last year.
Property tycoon Harry Triguboff took second spot, after his fortune rose by $US3 billion, to $US9.9 billion.
Cardboard box king Anthony Pratt was third, and top of the table among Victorians, with a fortune of $US5.8 billion — up by $US2.2 billion.
Frank Lowy, the businessman behind the Westfield shopping centre brand, was in fourth spot, at $US5.7 billion.
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