Gina Rinehart
| |
|---|---|
| Born | Georgina Hope Hancock (1954-02-09) 9 February 1954 (age 70)
St John's, Perth, Western Australia
|
| Nationality | Australian |
| Occupation | Executive Chairwoman |
| Known for | Richest person in Australia, Richest woman in the world[1] |
| Spouse(s) | • Greg (Milton) Hayward (1973–1981) • Frank Rinehart (1983–1990) |
| Children | • John Langley (Hayward) Hancock (b. 1976)[2] • Bianca Hope Hayward (b. 1979)[3] • Hope (Rinehart) Welker (b. 1986)[4] • Ginia Rinehart (b. 1987)[4] |
| Parent(s) | • Lang Hancock and • Hope Margaret Nicholas |
Georgina "Gina" Hope Rinehart (born 9 February 1954) is an Australian businesswoman in the mining industry. She is the heiressofHancock Prospecting and the daughter of the late mining magnate Lang Hancock and Hope Margaret Nicholas. In the 2010s, Rinehart diversified her business interests to include media organisations, becoming the largest shareholder in Fairfax Media and acquiring a significant stake in Ten Network Holdings. During 2011, both Forbes Asia and Business Review Weekly reported that Rinehart was Australia's wealthiest person. In May 2012 BRW named her as the world's richest woman, having surpassed Christy Walton.[5]
Currently three of Rinehart's four children, Hope Rinehart Welker, John Hancock, and Bianca Rinehart have commenced legal action in the New South Wales Supreme Court over Rinehart's (as sole trustee) alleged delay of the vesting date of the Hope Margaret Hancock Trust, of which her four children are beneficiaries.[6]
Rinehart was born at St John's, Perth, Western Australia, the daughter of Hope Margaret Nicholas and Lang Hancock. An only child, Rinehart lived with her parents at Nunyerry, 60 kilometres (37 mi) north of Wittenoom, until she was four,[7] later boarding at St Hilda's Anglican School for GirlsinPerth. She commenced studying economics at The University of Sydney[8] and later worked for her father, gaining an extensive knowledge of the Pilbara iron-ore industry.[9]
As a teenager Rinehart met Englishman Greg Milton, while both were working in Wittenoom. In 1973 Rinehart, aged 19, married Milton, and he changed his surname to Hayward. Together they had two children, John Langley[2] and Bianca Hope.[3] However, the marriage did not last and Rinehart and Hayward separated in 1979 and divorced in 1981.[10][11] In 1983 she married Frank Rinehart,[12] a 57 year old American corporate lawyer. They had two children together, Ginia and Hope, born 18 months apart.[13][14] Frank died in 1990.[15]
She commenced an acrimonious legal fight with her stepmother, Rose Porteous, in 1992 over the circumstances of her father's death and control of the Hancock assets. The court cases and negotiations ultimately took 14 years to settle.[16]
In 1999 her proposal was approved to name a mountain range after her family. The Hancock Range is situated about 65 km north-west of the town of Newmanat23°00′23″S 119°12′31″E / 23.00639°S 119.20861°E / -23.00639; 119.20861 and commemorates the family's contribution to the establishment of the pastoral and mining industry in the Pilbara region.[17]
In 2003 following a falling out with Rinehart, her son, John Langley Hayward, changed his surname by deed poll to John Langley Hancock, and their relationship remains difficult.[9][4] John's sister, Bianca Hope Hayward, tipped 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.[4][18][19] Rinehart's other daughter, Hope, married Ryan Welker, an American and a director of Mineral Resources. Together they live in Sydney.[4] Hancock Prospecting and Gina Rinehart have an 8 per cent stake in Mineral Resources.
Prior to his death, Lang Hancock established the Hope Margaret Hancock Trust, nominating Rinehart as trustee, with his four grandchildren named as beneficiaries. The Trust holds a significant proportion of the family's wealth.[20] In 2011, Rinehart's daughter, Hope Rinehart Welker, commenced legal action in the NSW Supreme Court over a commercial dispute, seeking to have Rinehart removed as sole trustee. Her brother, John, and sister, Bianca, were later revealed as parties to the dispute.[13][21][22] In an agreement reached between the aggrieved parties, the Court granted an interim non-publication order. In making the interim order, Justice Paul 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."[23] However, in a judgement handed down on 7 October 2011, Justice Brereton said he intended to dismiss an application by Rinehart that there be a stay on court action and that the family be directed into mediation.[20][24] In December, three justices of the NSW Court of Appeal lifted the suppression orders on the case. However, a stay was granted until 3 February 2012;[25] and extended by the High Court of Australia until 9 March. Rinehart's application for suppression was supported by Ginia Rinehart; and opposed by Hope, John and Bianca, and media organisations.[26] A 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.[27]
In March when the suppression order was lifted, it was revealed that Rinehart had delayed the vesting date of the trust, which prompted the court action by her three older children.[28]
Following the death of her father in March 1992, Rinehart became Executive Chairman of Hancock Prospecting Pty Limited (HPPL) and the HPPL Group of companies. All companies within the group are privately owned.
Recent years has seen Rinehart focus on developing Hancock Prospecting's undeveloped deposits, raising capital through joint venture partnerships and turning reserves into revenue producing mines.[8]
Rinehart, via Hancock Prospecting, shares 50% of the profits generated by the Hope Downs mine which is operated by Rio Tinto and produces 30 million tonnes of iron ore annually. Another joint venture with Mineral Resources Limited at Nicholas Downs, northwest of Newman is producing 500 million tonnes of ferruginous manganese.[citation needed] The Alpha Coal and Kevin's Corner projects in Central Queensland, both with production due to commence in 2013, are expected to produce 30 million tonnes of coal each.[29] The Roy Hill iron ore project, south of Port Hedland, in the Pilbara is expected to begin production in 2013 with a yield of 55 million tonnes a year.[30][31]
In 2010 Rinehart took a 10% stake in Ten Network Holdings; James Packer had acquired an 18% stake in the same company shortly before. Since then she has also acquired a substantial stake in Fairfax Media. This foray into media ownership is a major change from previous corporate activities which have been mainly resource-related.[32] In February 2012 she increased her stake in Fairfax to over 12%, becoming the largest shareholder of the company.[33][34]
Rinehart has been a vocal opponent of the Federal Government's proposed Mineral Resource Rent Tax as well as the Carbon Pollution Reduction Scheme. In 2010 Rinehart departed from her previously private persona and joined with Andrew Forrest and others in opposing the schemes.[35]
Rinehart also founded the anti-tax and climate change sceptic lobby group ANDEV, ("Australians for Northern Development & Economic Vision")[36] and has paid for the trips of climate change sceptic Christopher Monckton to Australia.[37][38]
Rinehart first appeared on the 1992 BRW Rich 200 list, published annually in the Business Review Weekly (BRW), following the death of her father earlier that year. She has appeared every year since, and became a billionaire in 2006. Due to Australia's mining boom in the early 21st century, Rinehart's wealth has increased significantly since 2010, and she has diversified investments into media, taking holdings in Ten Network Holdings and Fairfax Media. According to BRW, she became Australia's richest woman in 2010, and Australia's richest person in 2011, and the first woman to lead the list. In 2012, Rinehart became the world's richest woman, surpassing Wal-Mart owner Christy Walton. BRW estimates her wealth at A$29.17 billion, with Ivan Glasenberg being her closest rival, with net wealth estimated at A$7.4 billion.[39] BRW stated that it was now possible Rinehart would become the first person with a net wealth of US$100 billion.[40]
In 2007 she first appeared on Forbes Asia Australia's 40 Richest, with an estimated wealth of US$1 billion;[16] more than doubling that the next year to US$2.4 billion; and then, in spite of the global financial crisis, by 2011 had more than trebled to US$9 billion;[9] and doubled again in 2012 to US$18 billion.[41] Releasing the results in February 2011, Forbes was the first to name her as Australia's richest person; with BRW conferring the same title in May that year.
In June 2011, Citigroup estimated that she was on course to overtake Carlos Slim, the Mexican magnate worth £46 billion (US$74 billion) and Bill Gates, who is worth £35 billion (US$56 billion), mainly because she owns her companies outright. Using a price-to-earnings ratio of 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 Rinehart’s 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$100 billion."[42][43] In January 2012, there were further media reports that Rinehart's estimated wealth has increased to A$20 billion following estimates that the Roy Hill project was notionally valued at A$10 billion.[44][45] Forbes magazine listed her wealth in 2012 as US$18 billion.
| Year | BRW Rich 200 | Forbes Australia's 40 Richest | ||
|---|---|---|---|---|
| Rank | Net worth (AUD) | Rank | Net worth (USD) | |
| 2006 | 8 
|
$1.80 billion
|
||
| 2007[16][46] | 4
|
$4.00 billion
|
14
|
$1.00 billion
|
| 2008[47][48] | 5 
|
$4.39 billion
|
6
|
$2.40 billion
|
| 2009[49][50] | 4
|
$3.47 billion
|
7
|
$1.50 billion
|
| 2010[11][51] | 5
|
$4.75 billion
|
9
|
$2.00 billion
|
| 2011[8][9] | 1
|
$10.31 billion
|
1
|
$9.00 billion
|
| 2012[41][1] | 1 
|
$29.17 billion
|
1
|
$18.00 billion
|
| Legend | |
|---|---|
| Icon | Description |
|
|
Has not changed from the previous year |
|
|
Has increased from the previous year |
|
|
Has decreased from the previous year |
In a 2006 Business Review Weekly article reviewing the way Australia's rich support philanthropy, it was noted that Rinehart prefers to keep a low profile.[52] Rinehart is publicly known for funding the construction of a girl's orphanage in Cambodia[53] and supporting the Hope Scholarship Award Program for girls run by SISHA, a Cambodian non-profit organisation campaigning against human trafficking.[54][55] Rinehart has also supported St Hilda's Anglican School for Girls, where the school hall is named in honour of her mother.[9]
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