Australia may lose $45 billion amid green steel rush, report says
Australia accounts for 56% of seaborne iron ore trade.
Gina Rinehart, the wealthiest woman in Asia, sold a controlling stake in her Galilee coal assets nearly a year ago to GVK Group, run by Indian billionaire GV Krishna Reddy. Since that time coal has slumped 30%:
“It’s a good sale for her, with the way things stand now, of course it’s a great sale,” Prasad Patkar, who helps manage about $1 billion at Platypus Asset Management Ltd. in Sydney.
