Gina Rinehart fears tensions with China will damage Australia’s export markets

Mining mogul Gina Rinehart says she’s worried Australia’s rising tensions with China will end up backfiring on us.

Billionaire Gina Rinehart fears growing tensions with China will damage Australia’s export markets.

In an exclusive interview with Sky News host Andrew Bolt, the mining magnate spoke about her concerns on The Bolt Report, available to stream on Flash.

“China is led by terribly intelligent people and they do see things at a further distance and more in the future than what we do,” she told the program.

“Australia is not the only country where there is iron ore and coal and they (China) are going all over the world to open up not only more iron ore and coal mines but rare earths.

“And we have been inactive in relation to these very critical matters.”

Australia has been diversifying its key export markets across Asia after China implemented tariffs and trade restrictions on Australian coal, beef, barley and other major industries.

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Gina Rinehart appeared on Sky News’ The Bolt Report. Picture: Sky News/Flash.

The mining mogul said the government needs to be concerned about China developing “massive” coal deposits in Africa as it threatens Australian markets.

“We have been a little inactive in relation to these very critical matters,” she said.

“Australia should be very mindful of this, we really depend on our mining industry and if a lot of the markets were closed, we would be a different country.

“We need our mining industry for our defence, for our police, for our emergency services, our kindergartens, our hospitals and healthcare – you name it we really are dependent on our mining industry.”

US President Joe Biden announced a ban on US imports of Russian oil and gas. Picture: Jim Watson/AFP

The head of Hancock Prospecting also weighed in on US sanctions against Russia, arguing they were too weak.

“(President Joe Biden’s) done a lot of green stuff to his country, fuel prices at the petrol pump are already rising in his country and ditto energy costs,” she said.

“So what happened when (Biden) started his somewhat feeble sanctions is the main one he should have been targeting against Russia is of course fuel.

“And he didn’t because of the rise in the cost at the petrol pump through his green policies. The rise in cost of electricity.”

Since Ms Rinehart’s interview last night, President Joe Biden announced a ban on US imports of Russian oil and gas.

Mr Biden said sanctions against Russia had caused the ruble to lose 50 per cent of its value since the war began – and the Russian economy to “crater”.

Prior to the announcements, energy giant Shell said it would immediately stop Russian oil purchases.

– With AFP