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.
Australian banks are set for a lending boost as Prime Minister Tony Abbott champions ventures to revitalize the economy, accelerating some of the more than A$80 billion ($72 billion) of infrastructure projects.
Australia’s four largest banks are expected to bid to join the A$7 billion ($6.5 billion) financing of Gina Rinehart’s Roy Hill mine development by today’s deadline, four people familiar with the matter said.
The board of the U.S. Export-Import Bank, an independent federal lending agency, gave preliminary approval for $694 million in financing for billionaire Gina Rinehart’s Roy Hill iron ore project in Australia.
Crown Resorts Ltd., the Australian gaming company controlled by billionaire James Packer, won final approval from the New South Wales state government to develop a casino in Sydney’s Barangaroo precinct.
Gina Rinehart, the richest woman in the Asia Pacific region, changed the rules governing her children’s $4 billion trust in 2006 for her own benefit and not her children’s, breaching her duty as trustee, a lawyer said.
Gina Rinehart’s $4 billion family trust is without a nominee to replace her as manager after a judge rejected a proposal from her youngest daughter Ginia Rinehart and her son withdrew a nomination for himself and his choice of an independent candidate.
An Australian judge ruled it too risky to name an independent trustee for a $4 billion fund after a lawyer said billionaire Gina Rinehart’s children, who proposed the idea, were on a “Kamikaze mission” that could destroy her iron ore company.
Gina Rinehart, Asia’s richest woman, offered to step down from managing a multibillion dollar family trust and give up control of almost a quarter of her iron ore company to end a lawsuit by two of her children.