Australia’s Gina Rinehart rides from mining into media « Mining Blog

Australia’s Gina Rinehart rides from mining into media

5. February 2012,

She’s the richest female in Asia and bidding fair to become the wealthiest woman of the world.

This year, Gina Rinehart’s estimated personal pickings are likely to double – to at least $20 billion.

This is thanks to a 15% investment recently made by South Korean steelmaker POSCO in her Roy Hill iron ore mine; her 50-50 joint venture with Rio Tinto in the Hope Downs operations; and $125 million in iron ore royalties she banks each year.

Late last month Ms Rinehart also acquired around 13% in the Australian Fairfax Media group, potentially making her the country’s second most powerful media mogul after Rupert Murdoch.

Understandably, this announcement raised a flurry of speculation as to whether Ms Rinehart would seek to impose her rightwing views on some of the country’s most respected media.

In recent years she’s ranted against the introduction of mineral resources and carbon taxes and in support of cheap migrant labour – even for the establishment of a special economic zone for northern Australia.

So far the jury’s out.

However, as noted by Business Spectator (3 February 2012) Gina Rinehart is very much her father’s daughter.

In his 1979 book “Wake Up Australia” mining magnate Lang Hancock said the best way to break the power of governments was “…by obtaining control of the media and then educating the public.”

See: http://moneytometal.org/index.php/Gina_Rinehart

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