Rinehart doubles wealth in a week

Reported by ninemsn staff
Monday, January 23, 2012
Topics in this article:
Gina Rinehart

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Australia's richest person has doubled her wealth from an estimated $10.3 billion to nearly $20 billion in just one week.

Mining mogul Gina Rinehart, who inherited Hancock Prospecting from her father, WA iron ore magnate Lang Hancock, agreed to sell 15 percent of the Pilbara-based Roy Hill project to South Korean steel giant Posco last week, the Sydney Morning Herald reports.

The project is scheduled to begin shipping iron ore within two years, The Australian reports.

The windfall pushes Ms Rinehart closer to overtaking American Wal-Mart heiress Christy Walton as the world's richest woman. Ms Walton, along with her family, is worth $US24.5 billion.

In 2011, the US Forbes magazine ranked Ms Rinehart the 19th most powerful woman in the world with a fortune of $US9 billion.

The deal with Posco will see her combined wealth reach nearly $20 billion, based on the increased value of her holding in the mine.

17/05/2012 10:17Sydney, Australia. 17 May,2012
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