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.
Coal’s worst slump in seven years has failed to deter GVK Group and Adani Enterprises Ltd. from pressing ahead with a $21 billion bet on Australia’s Galilee Basin as other companies shelve projects amid rising costs.
Clive Palmer, the Australian entrepreneur planning to build a replica of the Titanic, will set up a new political party and run for parliament, pledging to boost employment as a strong currency curbs the economy.
Australian entrepreneur Clive Palmer said opposition leader Tony Abbott, who is leading in polls ahead of the Sept. 14 election, should be worried that conservative voters will be wooed to his new political party.
Hope Rinehart Welker, who sued her billionaire mother Gina Rinehart over management of a multibillion-dollar trust, sought to exit the litigation and said she won’t help her siblings pursue the lawsuit.
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.
Roy Hill Holdings Pty, Australian billionaire Gina Rinehart’s unit that’s seeking to raise A$7 billion ($7.3 billion) in debt to build an iron ore mine, said it expects to complete funding by the end of the year.