; born February 9 1954) is an Australian mining magnate and heiress who is Chairman ofHancock Prospecting, a privately owned mineral exploration and extraction company founded by her fatherLang Hancock. She is one of Australias richest people with net worth ofUS$14.8B for 2019,ranked the first in the list Australias 50 Richest People byForbesand one of the worlds richest women.
Rinehart was born inPerth, Western Australia, and spent her early years in thePilbara. She boarded atSt Hildas Anglican School for Girlsand then briefly studied at theUniversity of Sydney, dropping out to work with her father at Hancock Prospecting. As Lang Hancocks only child, Rinehart inherited a 76.6% share in the company upon his death in 1992, and succeeded him as executive chairman. The companys remaining shares were transferred to a trust for her four children.
When Rinehart took over Hancock Prospecting, her total wealth was estimated at$A75 million. She oversaw a rapid expansion of the company over the following decade, and due to the iron ore boom of the early 2000s became a nominalbillionairein 2006. In the 2010s, Rinehart began to expand her holdings into areas outside the mining industry. She made sizeable investments inTen Network HoldingsandFairfax Media(although she sold her interest in the latter in 2015), and also expanded into agriculture, buying severalcattle stations.
Rinehart wasAustralias wealthiest personfrom 2011 to 2015, according to bothForbesand theFinancial Review Rich List. Her wealth peaked at around A$29 billion (US$18 billion) in 2012, at which point she overtookChristy Waltonas theworlds richest womanand was included on theForbeslist of The Worlds 100 Most Powerful Women. Rineharts net worth dropped significantly over the following few years, due to a slowdown in the Australian mining sector, but her fortune remains immense.
Rinehart was born on February 9 1954 atSt John of God Subiaco HospitalinPerth, Western Australia.9She is the only child of Hope Margaret Nicholas andLang Hancock. Until age 4, Rinehart lived with her parents at Nunyerry 60 kilometres (37mi) north ofWittenoom.10Later Rinehart boarded atSt Hildas Anglican School for Girlsin Perth. She briefly studied economics at theUniversity of Sydney, before dropping out and working for her father, gaining an extensive knowledge of thePilbarairon-ore industry. Rinehart took her fathers bankrupted estate and rebuilt it to become one of the most successful private companies in Australias history.1112
In 1973, at age 19, Rinehart met Englishman Greg Milton while both were working inWittenoom. At this time Milton changed his surname to Hayward. Their children John Langley5and Bianca Hope were born in 1976 and 1979 respectively. The couple separated in 1979 and divorced in 1981.13:613:712In 1983 she married corporate lawyer Frank Rinehart,13:4in Las Vegas. They had two children, Hope and Ginia, born in 1986 and 1987 respectively.1415Frank died in 1990.13:10
Rinehart and her stepmotherRose Porteouswere involved in an acrimonious legal fight from 1992 over Hancocks death and estate. The ordeal ultimately took 14 years to settle.16
In 1999, the Western Australian state government approved a proposal to name a mountain range in honour of her family. Hancock Range is situated about 65 kilometres (40mi) north-west of the town ofNewmanat230023S1191231E / 23.00639S 119.20861E /-23.00639; 119.20861and commemorates the familys contribution to the establishment of the pastoral and mining industry in thePilbararegion.1718
In 2003 at age 27 Rineharts son John changed his surname bydeed pollfrom his birth name Hayward to his maternal grandfathers name Hancock19Since 2014, Gina Rineharts relationship with her son John has been difficult. She was not present at his wedding to Gemma Ludgate.1120Johns sister, Bianca Hope Rinehart, who was once positioned to take over the family business, served as a director of Hancock Prospecting and HMHT Investments until 31 October 2011, when she was replaced by her half-sister, Ginia Rinehart.72122In 2013 Bianca married her partner Sasha Serebryakov; and Rinehart did not attend the wedding.20Rineharts other daughter, Hope, married Ryan Welker, an American director of Mineral Resources (a Hancock partial subsidiary) and they live together inSydney.7
After the death of her father in March 1992, Rinehart became Chairman of Hancock Prospecting Pty Limited (HPPL) and the HPPL Group of companies.2324All companies within the group areprivately owned. With the notable exception of receiving a royalty stream fromHamersley Ironsince the late 1960s, Lang Hancocks mining activities were mainly related to exploration and the accumulation of vast mining leases. In recent years Rinehart has focused on developing Hancock Prospectings undeveloped deposits, raising capital through joint venture partnerships and turning the leases into revenue producing mines.25
Rinehart, via Hancock Prospecting, shares 50 per cent of the profits generated by theHope Downs mine, which is operated byRio Tintoand produces 30 million tonnes of iron ore annually. Anotherjoint venturewith Mineral Resources Limited atNicholas Downs, northwest ofNewman, is producing 500 million tonnes offerruginous manganese.citation neededThe Alpha Coal and Kevins Corner projects inCentral Queensland, both with production due to commence in 2013, are expected to produce 30 million tonnes ofcoaleach.26TheRoy Hilliron ore project, south ofPort Hedland, in the Pilbara is expected to begin production in 2013 with a yield of 55 million tonnes a year.2728
In 2010 Rinehart took a 10 per cent stake inTen Network HoldingsJames Packerhad acquired an 18 per cent stake in the same company shortly before. Since then she has also acquired a substantial stake inFairfax Media. In acquiring these shares, she has become a major player in the media and no longer limits her interests to the mining business.29In February 2012 she increased her stake in Fairfax to over 12 per cent, becoming the largest shareholder of the company.3031Fairfax journalists were reportedly fearful that she wanted to turn them into a mouthpiece for the mining industry.32In June 2012, she increased her stake further to 18.67 per cent, and was believed to be seeking three board seats and involvement in editorial decisions in Fairfaxs newspaper division.33Negotiations between Fairfax and Hancock Prospecting broke down in late June because of disagreements over Fairfaxs editorial independence policy and other issues relating to board governance; chairRoger Corbettsubsequently announced that Rinehart would not be offered any seats on the board.34After failing to get board representation she sold her shareholding in 2015.3536
In 2015, Rinehart was listed as the 37thmost powerful woman in the world byForbes; a decline from her 2014 and 2013 rankings as the 27thand the 16thmost powerful woman, respectively.3738
Later the same year Rinehart acquiredFossil Downs Stationafter it was placed on the market for the first time in 133 years. The 4,000 square kilometres (1,544sqmi) property was stocked with 15,000 head of cattle and the sale price was not disclosed,39but estimated to be betweenA$25 to 30 million.40Rinehart had acquired a 50% stake inLiveringaand Nerrima Stations in 2014 forA$40 million in 2014.39
In October 2015, Rinehart plans to open the huge Roy Hill mine just eight months after she secured $7.9 billion in funding.
Initial shipments of iron ore are to be sent to China.
In October 2016 it was announced that Rineharts company Hancock Prospecting had struck a deal to invest in AIM listed UK based mining company Sirius Minerals to help bring to fruition their North Yorkshire Polyhalite Project.41
In the 1970s, Rinehart was an active supporter of theWestralian Secession Movement, which her father had founded to work for the secession of Western Australia from the rest of the country.42She also had some involvement with the Workers Party (later renamed theProgress Party), alibertarianorganisation founded by businessmanJohn Singleton.4344
Rinehart opposed the Rudd governmentsMineral Resource Rent TaxandCarbon Pollution Reduction Schemeas part of a group of mining magnates that includedAndrew Forrest.45She has founded the lobby group ANDEV, (Australians for Northern Development & Economic Vision)46and has sponsored the trips of prominentto Australia.4748
Since 2010 Rinehart has been actively promoting the cause of development of Australias North and has spoken, written articles and published a book on this topic.49Rinehart stresses that Australia must do more to welcome investment and improve its cost competitiveness, particularly when Australia faces record debt. She advocates a special economic zone in the North with reduced taxation and less regulations and has enlisted the support of many prominent Australians, plus the Institute of Public Affairs.50In a 2012 article in theAustralian Resources and Investment Magazine, Rinehart said that if people wanted to have more money they should stop whingeing and Do something to make more money yourself − spend less time drinking or smoking and socialising, and more time working. She criticised what she saw as the socialist policies of theAustralian Governmentof high taxes and excessive regulation.51
In a video posted to theSydney Mining ClubYouTubechannel on 23 August 2012, Rinehart expressed concern for Australias economic competitiveness noting how Indeed if we competed in the Olympic Games as sluggishly as we compete economically, there would be an outcry.52She said Furthermore, Africans want to work and its workers are willing to work for less than two dollars a day. Such statistics make me worry for this countrys future.52Rineharts views were dismissed by the Australian Prime Minister,Julia Gillard, who said that Its not the Australian way to toss people $2, to toss them a gold coin, and then ask them to work for a day and that we support proper Australian wages and decent working conditions.5354The Australian Deputy Prime Minister and Treasurer,Wayne Swan, described Rineharts statement as an insult to the millions of Australian workers who go to work and slog it out to feed the kids and pay the bills.55
In 1988, Lang Hancock established the Hope Margaret Hancock Trust, nominating Rinehart astrustee, with his four grandchildren named asbeneficiaries.56Gina Rinehart was appointed to run the trust until the youngest of her four children, Ginia Rinehart, turned 25 in 2011.57The Trust owns 23.6% of the shares in Hancock Prospecting,58and as of June 2015updatewas believed to be valued at about A$5 billion.57
In 2011, Rineharts daughter, Hope Rinehart Welker, commenced a commercial action in theNew South Wales Supreme Courtfor reasons understood to be related to the conduct of the trustee.59The action sought to remove Rinehart as sole trustee. Her brother, John, and sister, Bianca, were later revealed as parties to the dispute.146061
In an agreement reached between the parties, the Court granted an interim non-publication order in September 2011. In making the interim order,JusticePaul Brereton stated: This is not the first occasion of discord in the family, which has immense wealth, no small part of which resides in the trust. In the past, the affairs of the family, including such discord, has attracted considerable publicity in the media.62Then, in a judgement handed down on 7 October 2011, Justice Brereton stated that he intended to dismiss an application by Rinehart, that there be astayon court action, and that the family be directed into mediation.5663In December 2011, three justices of theNSW Court of Appeallifted the suppression orders on the case. However, a stay was granted until 3 February 201264and extended by theHigh Court of Australiauntil 9 March 2012. Rineharts application for suppression was supported by Ginia Rinehart, but was opposed by Hope, John and Bianca.65A subsequent application by Rinehart for a non-publication order on the grounds of fear of personal and family safety was dismissed by the NSW Supreme Court on 2 February 2012.66In March 2012, when the suppression order was lifted, it was revealed that Rinehart had delayed thevestingdate of the trust, which had prompted the court action by her three older children.67
Rinehart stood down as trustee during the hearing in October 2013.68While Rineharts lawyers subsequently declared any legal matters closed, John and Biancas legal representatives proceeded with a trial in the NSW Supreme Court to deal with allegations of misconduct.69The Court handed down its decision on 28 May 2015 in which Bianca was appointed as the new trustee.5770
She is one of Australias richest people, with a net worth ofUS$14.8B for 2019,71ranked the first in the list Australias 50 Richest People byForbesand one of the worlds richest women.
Rinehart first appeared on the 1992 BRW Rich 200 list, published annually in theBusiness Review Weekly(BRW), following the death of her father earlier that year. She has appeared every year since, and became abillionairein 2006. Due to Australiasmining boomin the early 21st century, Rineharts wealth increased significantly since 2010, and she diversified investments into media, taking holdings in Ten Network Holdings and Fairfax Media. According toBRW, she became Australias richest woman in 2010, and Australias richest person in 2011, and the first woman to lead the list. During 2012,BRWclaimed Rinehart was the worlds richest woman, surpassing Wal-Mart ownerChristy Walton.72
In 2007, she first appeared onForbes AsiaAustralias 40 Richest, with an estimated wealth ofUS$1billion;16more than doubling that the next year to US$2.4billion; and then, in spite of theglobal financial crisis, by 2011 had more than trebled to US$9billion;11doubled again in 2012 to US$18billion;73a slight reduction in 2013 to US$17billion;74and a slight increase in 2014 to US$17.6billion.75While still Australias richest person, her wealth had reduced to US$12.3billion by 2015 according toForbes,76and in 2016Forbesassessed her net worth at US$8.5billion, placing her second on the list.4
Releasing the results in February 2011,Forbeswas the first to name her as Australias richest person; withBRWconferring the same title in May that year.
In June 2011,Citigroupestimated that she was on course to overtakeCarlos Slim, the Mexican magnate worth46 billion (US$74 billion) andBill Gates, who is worth 35 billion (US$56 billion), mainly because she owns her companies outright. Using aprice-to-earnings ratioof 11:1 that applied at that time to her business partner,Rio Tinto, the Australian internet business news service, SmartCompany, stated: It is possible to see Rineharts portfolio of coal and iron ore production spinning off annual profits approaching US$10 billion, giving her a personal net worth valuation of more than US$100billion.7778In January 2012, there were further media reports that Rineharts estimated wealth has increased to A$20billion following estimates that the Roy Hill project was notionally valued at A$10 billion.7980
Forbesmagazine ranked her as the fourth richest woman in 2012 with US$18billion; the fifth richest woman in 2013 with US$17billion;81and the sixth richest woman in 2014 with US$17.6billion.75
In 2012,BRWestimated her wealth at A$29.17billion, withIvan Glasenbergbeing her closest rival, with net wealth estimated at A$7.4billion.82At the timeBRWstated that it was possible Rinehart would become the first person with a net wealth ofUS$100 billion.83
As of December 2012, according to the Bloomberg Billionaires Index, Rinehart was the 37thrichest person in the world with an estimated net worth of US$18.6billion.84
Rineharts wealth rankings since 2013 have been adversely impacted by the fall in the wholesale iron ore price and the fall in theAUDUSDexchange rate.7076In May 2016 she had fallen from wealthiest Australian in 2011 to fourth with A$6.06 billion, surpassed by property developerHarry Triguboffwith A$10.62 billion.85Yet according to the 2017Financial ReviewRich 200, Rinehart had an estimated net worth of $10.40billion, and was placed third on the list of wealthiest Australians.3
According to the 2015BRW Rich 200, Rineharts personal wealth was estimated atA$14.02billion.86Meanwhile,Forbes Asiaestimated her wealth in 2015 atUS$12.3billion.76
In a 2006Business Review Weeklyarticle reviewing the way Australias rich support philanthropy, it was noted that Rinehart prefers to keep a low profile, partly to avoid being harassed by other charities and partly for reasons of privacy.96Rinehart is publicly known for visiting girls orphanages inCambodia97and is on the expert advisory board of SISHA, a Cambodian non-profit organisation campaigning againsthuman trafficking,9899in particular by rescuing and assisting sexually exploited women and children.100
In 2012Swimming Australiaannounced a $10 million funding arrangement over 4 years with the Georgina Hope Foundation in conjunction withHancock Prospecting.101The deal supports theAustralian Swim Teamthrough direct payments to elite and targeted development swimmers, as well supporting lesser known sports such assynchronised swimming.102The arrangement was renewed for a further 2 years in August 2015103and includes naming rights to various Swimming Australia events, including theAustralian Swimming Championships.104
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Articles containing potentially dated statements from June 2015
All articles containing potentially dated statements
Wikipedia articles with WorldCat-VIAF identifiers
This page was last edited on 1 October 2019, at 21:21