Wednesday, August 8, 2012

Asia's Richest Woman Moves Back Into the Coal Biz

There's some question whether her net worth is larger than Christy Walton's. If Rinehart takes Hancock public erase Asia's and substitute "World's".

From The Australian:
Gina Rinehart gets back into coal 
GINA Rinehart may have offloaded the bulk of her coal assets last year to India's GVK Group for $1.26 billion, but the billionaire is hardly shying away from investing in the sector despite the slumping price of the commodity. 
A Galilee Basin explorer, Cuesta Coal, yesterday announced a $3 million deal with Mrs Rinehart's wholly owned Queensland Coal Investments over two tenement applications covering more than 1000sq km in the eastern part of the basin.

The agreement means Mrs Rinehart has now signed joint ventures with three listed coal hopefuls in the past four months and each involves almost identical terms: the Rinehart company stumps up $3m to fund exploration in exchange for an interest of up to 51 per cent in the early stage project....MORE
Nice timing on the sale to GVK, Australian thermal coal has fallen from $120 last July to the current $84.42 (Aussie $)