The Richest Person in Australia
Georgina Rinehart is an Australian iron ore mining magnate, who acquired billionaire status in 2006. Forbes ranks her as the richest person in Australia, 5th richest woman in the world, and the 36th richest person in the world, with an estimated net worth of $17 billion.
Net Worth: 17 Billion (As of March 2013)
Source: Mining, Inherited
Born: February 9, 1954
Marital Status: Widowed
Georgina (Gina) Rinehart was born on February 9, 1954 in Perth, Western Australia as the only child to the late Lang Hancock and Hope Margaret Nicholas. She studied at St Hilda’s Anglican School for Girls and later joined Sydney University, where she briefly studied economics. She dropped out and started working for her father, consequently gaining expansive knowledge of the iron-ore mining industry.
Rinehart and her late father Lang Hancock
Gina Rinehart has a stake in media organizations and she is currently the majority shareholder in Fairfax media. Furthermore, she has a considerable share in the Ten Network Holdings. In 2012, Business Review Weekly (BRW) named her as the world’s richest woman with an estimated net worth of A$29.17. In 2013, Rinehart is ranked as the 5th richest woman in the world after being overtaken by Alice Walton, Christy Walton, and L‘Oreal heiress Liliane Bettencourt.
Rinehart’s Business Ventures
Following her father’s death in 1992, Rinehart assumed the role of Executive Chairman of Hancock Prospecting Pty Limited and the HPPL Group of Companies. Lately, she has been focusing on expanding Hancock Prospecting’s undeveloped deposits, raising capital by means of entering into joint venture partnerships as well as turning leases into revenue generating mines.
Rinehart shares 50% of all profits generated by Hope Downs mine that yields about 30 million tonnes of iron ore per year. She also benefits from another joint venture with Mineral Resources Limited that yields about 500 million tonnes of ferruginous manganese. The Kevin’s Corner and Alpha Coal projects in Central Queensland are expected to yield 30 million tonnes of coal each, once they commence in 2013. Another iron ore project that is due to commence in 2013 is the Roy Hill project, which is expected to produce about 55 million tonnes a year.
The Queen of Mining
In 2010, this Australian mining heiress took a 10% stake in Ten Network Holdings, and since then she has additionally attained a significant stake at Fairfax Media. As a result, Rinehart has turned out to be the major player in media. Early 2012, she raised her stake in Fairfax to more than 12%, becoming the majority shareholder of the company.
In mid 2012, she raised her stake from 12% to 18.67% and was thought to be having a quest for three board seats and participation in editorial resolutions in Fairfax’s newspaper segment. However, Roger Corbett, Fairfax’s chairman made an announcement stating that Rinehart wouldn’t be offered any seats on the board. This decision came after negotiations between Hancock Prospecting and Fairfax broke down as a result of discrepancies over Fairfax’s editorial independence policy as well as other issues in relation to board governance.
Rinehart has been caught up in several family disputes that ended up in the courtroom. In 1992, she was involved in a spiteful legal fight with her stepmother over the circumstances of her father’s death as well as the control of the family assets. This case took 14 years to settle. In 2013, Rinehart fell out with her son, John Langley Hayward, and led to her son changing his surname by deed poll from Hayward to Hancock. The relationship between mother and son has remained difficult ever since.
Rinehart was involved in a family dispute which ended in a legal fight
The most gruesome family dispute that Georgina Rinehart has endured is probably the one that she has with 3 of her 4 children. Their continuing court battle has taken 2 years and it has created headlines far and wide. Two of her eldest children, John Hancock and Bianca Rinehart accuse their mother of violating her duty as the sole trustee of the family trust that amounts to $4 billion.
Georgina Rinehart has been married twice. When she was 19 years old (in 1973), she married Greg Milton, an Englishman he met when working at Wittenoom. The couple had two children, John Langley and Bianca Hope. Regrettably, the marriage ended up in a divorce in 1981. In 1983, Rinehart married a 57-year-old German American namely Frank Rinehart with whom she had two children, Ginia Rinehart and Hope Rinehart. Sadly, Frank died in 1990 leaving Gina Rinehart a super-rich widow.
Georgina Rinehart and her children John Hancock and Ginia Rinehart
Interesting Facts about Georgina Rinehart