Business | Features
Widow amasses fortune worth $18b
Gina Rinehart could soon become the world's wealthiest woman
- Reuters
- Published: 00:00 February 3, 2012
Sydney: Gina Rinehart could soon become the world's wealthiest woman after amassing an $18 billion (Dh66.1 billion) fortune from mining and media investments, Forbes magazine says in its latest list of the wealthiest people in Australia.
The 57-year old widow saw her fortune almost double after a deal signed last month that will see South Korean steel giant Posco take a 15 per cent stake in her Roy Hill iron ore mine in Western Australia's Pilbara iron belt.
Expansion plans
The deal valued the project at $10 billion, boosting Australian Rinehart's fortune dramatically. In the next few years, Rinehart also has plans to expand her iron ore operations and develop two coal collieries.
If commodity prices hold up, Rinehart could challenge Christie Walton, worth $24.5 billion, as the world's richest woman, Forbes said.
Walton is the widow of John Walton, one of the sons of Sam Walton, the founder of retail chain Wal-Mart Stores.
More from Business Features
More from Business
Business Editor's choice
-
China breaks West's solar monopoly
Some countries in the world, especially Germany and the United States, have made considerable efforts to invest in developing solar energy cells
-
Burberry store spree will cut profit
Trenchcoat maker forges ahead with investment strategy targeting emerging markets
-
Laws needed to spur region bond markets
UAE Central Bank calls for creation of a centralised Sharia board to facilitate the sale of sukuk
