Rinehart’s Hancock weighs $3.3 billion iron ore mine project
Hancock acquired a 51% interest in the Mt Bevan project from Legacy Iron Ore Ltd. and Hawthorn Resources.
The richest woman in the world, Gina Rinehart, on Tuesday handed her daughter Ginia (sic) directorships of three companies, including Hancock Prospecting which controls her $10 billion empire.
Ginia who is 25 years old is the only one of Rinehart’s four children who are not currently suing her in court in a bitter dispute over control of the family fortune.
The Australian reports that the latest shake-up is the biggest in a long time at the Rinehart group of companies and elevates Ginia in place of her siblings – Bianca Rinehart, John Hancock and Hope Welker – to the top ranks in the world of mining:
Australian Securities & Investments Commission records show Ginia was also appointed as director of Hope Downs Marketing Company, the joint venture with mining giant Rio Tinto that runs the Hope Downs project in the Pilbara that is producing 30 million tonnes of iron ore a year.
Ms Rinehart, who is believed to have limited experience in the mining industry, will sit alongside senior Rio Tinto Iron Ore executives Greg Lilleyman, Paul Shannon and Warwick Smith on the board of the joint venture.
In September India infrastructure giant GVK paid $1.3 billion for 79% of Hancock Prospecting coal, rail and port projects and said it would spend a further $10 billion developing them.
The publicity-shy Rinehart, 57, is predicted to become the world’s richest person as these coal projects and Hancock’s massive 100%-owned iron ore mines start producing by 2014 and earn her annual profits of as much as $10 billion. The so-called queen of iron ore who inherited a debt-ridden mining company from her father 20 years ago doubled her wealth from 2010 and is worth some $10.3 billion.
Image of model posing with hard hat by Shutterstock.com.
15 Comments
Jonanddani
Why should Australia’s wealth go to these people?
Pkhomkhai
Why?
Well why should it go to you?
What have you done to be entitled to as that question?
Its not Australia’s wealth because “Australia” did not create the wealth your talking about.
Wealth is created by people.
Rb
there are ignoramuses in this world who are jelous of people having a go and putting it on the line i surpose you are a person who says you deserve money from the goverment too!!!!!
Emily
Hmmm
Frank Filmer
To Jonanddani
Because their father / Grand Father and his partener had the forethought to stich it up
would you be jealous by any chance or do you think the world owes you a living
Terenceadamdoran
This is definitely a tough situation to be in considering all the distractions. I hope she does well, it would be quite the accomplishment!
Oldie
Lucky girl. At the end it is their own money so they can dsitribute directorships any way they want it. No doubt it helps to be born in the ‘right’ family
Grampakrapsicher
One of the rare ones of children these days that count their parents as stupid -which most all do. No matter where you get it, all scripture counts obedient children as receiving blessings.
She will do great if she looks to the Source of all for Wisdom, Understanding, and Knowledge -of which the Internet has a lot and she has the funds to get the rest of it.
So young lady – be Bold – Not nervous at all. All those Executives you will have to deal with are just people. Don’t let any of them feel a threat to you. You are defintiely as good -or better perhaps than they. Don’t let any big degrees or quick smartness sway you in all of your dealings, and your descisions. Be calm and cool. Be Happy. Ignore loneliness. TheRetiredminer.
Pastor
Well done Ginia! The Bible says honour your father and mother so that it shall be well with you and your seed and your days may be long. All the success in this great challenge. May you receive wisdom and all it takes to move you and all to the next level.
Thestarv
pretty young face to run things, I would work for her.
Simon Nkhata
She is a good mother she will forgive those kids who took her to court they are just greedy. Teach them so that they can try to improve the wealthy of their Family also as their mother worked very Hard. Please find Heart to forgive them also.
Cskthp
Wish you all the success and the blessings from almighty
Siakumar Cherukuri
Scientist, Microseismics
Roberto
The lack of experience may not be a predicament for her.
One solution is to hire three different consultants in every field that serves the group of companies, pay them by results, listen to each one separately, discuss together and take decisions.
Separating the personal, family and business.
With little time, it has the expertise developed and built by the experience, even with its present facial beauty.
I wish her much success.
Joel S
Marry me, Ginia, I’ll help you spend the money. [email protected]
AWS Certified welder.
Commercial diving certification and work experience.
Looking for work that pays alot, Ginia looks to be like she may be high-maintenance
so have to be able to treat her right, :).
stolarsj@bellsouth. (912)245-8433
sailormac
So the picture above is not actually that of Ginia, (or Gina)