Australia's richest woman owns stakes in some of the biggest coal and iron ore mining projects in the country through Hancock Prospecting. She also holds the rights to revenue royalties from Rio Tinto's Hamersley Iron mines. In addition, Rinehart is a major shareholder in two of Australia's biggest media companies, Ten Network and Fairfax Media.
Prime Minister Kevin Rudd, seeking re-election in a Sept. 7 ballot, said his Labor government would lower company tax rates in northern Australia within five years under a plan to boost the region’s economy.
Global lenders are competing to offer a record debt deal for an Australian mining project to Gina Rinehart, Asia’s richest woman, betting her iron-ore deposits are rich enough to prosper even as China slows.
An Australian environmental group sued to block the construction of Whitehaven Coal Ltd.’s A$766 million ($702 million) Maules Creek mine and a neighboring coal development, saying they’ll devastate forest areas.
China’s economic slowdown could be worse than official forecasts and a recovery may not come before 2014, according to the chairman of Marubeni Corp., Japan’s biggest power and agriculture trading company.
John Hancock, the estranged son of Australia’s wealthiest citizen, the iron ore billionaire Gina Rinehart, recently flew to the U.S. to join 400 guests at a four-day wedding celebration in Bar Harbor, Maine.