Gina Rinehart

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Georgina Hope "Gina" Rinehart (née Hancock, formerly Hayward; born 9 February 1954) is an Australian mining magnate and heiress.

Rinehart is the Chairman of Hancock Prospecting, a privately owned mineral exploration and extraction firm established by her father, Lang Hancock.

She is one of Australia's richest people, with Forbes estimating her net worth in 2019 at US$14.8 billion as reported in the list of Australia's richest individuals; and The Australian Financial Review estimating her net worth in 2019 at A$13.81 billion as published in the Financial Review Rich List.

Rinehart is rated by Forbes as one of the world's richest women.

Rinehart was born in Perth, Western Australia, and spent her early years in the Pilbara.

She enrolled at St Hilda's Anglican School for Girls and then briefly studied at the University of Sydney before moving out to work with her father at Hancock Prospecting.

Rinehart, Lang Hancock's sole son, acquired a 76 percent interest in the company upon his death in 1992 and succeeded him as executive chairman.

The company's remaining shares were donated to a charity for her four children. When Rinehart took over Hancock Prospecting, her total fortune was estimated at A$75 million.

She oversaw a rapid expansion of the firm over the next decade, and in 2006, she became a nominal billionaire thanks to the iron ore boom of the early 2000s.

Rinehart began to expand her presence outside of the mining industry in the 2010s.

Ten Network Holdings and Fairfax Media invested heavily in Ten Network Holdings and Fairfax Media (although she resigned her interest in the latter in 2015), then moved to agriculture, purchasing multiple cattle stations. According to both Forbes and The Australian Financial Review, Rinehart was Australia's richest person from 2011 to 2015.

Her fortune peaked at around A$29 billion in 2012, when she overtook Christy Walton as the world's richest woman and was included in Forbes' list of the World's Top 100 Most Influential Women.

Rinehart's net worth declined sharply over the past few years due to a downturn in the Australian mining industry, but her fortune remains strong.

Early life and family

Rinehart was born in Perth, Western Australia, on February 9th, 1954. Hope Margaret Nicholas and Lang Hancock's only child. Rinehart lived with her parents at Nunyerry, 60 kilometres (37 miles) north of Wittenoom until age four. Her family and her family subsequently relocated to Mulga Downs station in the Pilbara. Rinehart arrived at St Hilda's Anglican School for Girls in Perth later this year. She briefly studied economics at the University of Sydney before moving out and working for her father, gaining extensive knowledge of the Pilbara iron-ore industry. Rinehart resurrects the HPPL company to be one of Australia's most profitable private companies.

Rinehart met Englishman Greg Milton when they were both living in Wittenoom in 1973. Milton converted his surname to Hayward's earlier family name at this time. Their children John Langley and Bianca Hope were born in 1976 and 1977 respectively. Frank Rinehart, a corporate advocate and Arco executive, married her in 1981 and divorced in 1981. Hope and Ginia were born in 1986 and 1987 respectively, and they had two children. Frank Rinehart was given a scholarship to Harvard for his time in the then US Army Air Corp. He was at the top of Harvard College and then the top of Harvard Law School, as well as studying engineering and working full-time and two part-time jobs. Frank Rinehart died in 1990 at the age of ten.

Rinehart and Rose Porteous, Lang Hancock's defunct wife and widow, who married Willie Porteous shortly after his death, were among two court fights fought over Hancock's death and bankrupt estate that began shortly after his death in 1992. The ordeal took 14 years to resolve. Mrs Porteous had hoped to contest that the mining tenements did not belong to the company despite HPPL's retention of the mining tenements.

The Western Australian state government approved a plan to name a mountain range in honor of her family's memory in 1999. Hancock Range is located about 65 kilometers (40 miles) north-west of Newman, and honors the family's contribution to the establishment of the pastoral and mining industry in the Pilbara area.

Rinehart's son John changed his surname from Hayward to Hancock, according to his maternal grandfather's name. Rinehart has had a difficult relationship with her son, John, since 2014, and was not present at his wedding to Gemma Ludgate. Bianca Hope Rinehart, John's sister who was once poised to take over the family business, served as the head of Hancock Prospecting and HMHT Investments until she was replaced by her half-sister Ginia Rinehart on October 31, 2011. Bianca married Sasha Serebryakov in Hawaii in 2013; Rinehart did not attend the wedding. Hope, Rinehart's other daughter, married Ryan Welker, and the couple divorced while living in New York. Rinehart attended both her younger daughters' weddings.

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Business career

Rinehart became Executive Chairman of Hancock Prospecting Pty Limited (HPPL) and the HPPL Group of companies after her father's death in March 1992. All businesses within the corporation are privately owned. Lang Hancock's mining activities were mainly related to exploration and the acquiring of large mining leases, with the notable exception of receiving a royal stream from Hamersley Iron in the late 1960s. Rinehart was a beneficiary of her father's royalties, but she "transformed the family industry by spotting the huge potential of the China market early than others."

Rinehart achieved the Roy Hill tenements in 1993, the year after her father's death, having applied for them five months after her father's death but ultimately concentrating on developing Roy Hill And Hancock Prospective undeveloped deposits, raising funds through joint venture ventures, and turning the leases into revenue producing mines.

Hancock Prospecting now owns 53% of Hope Downs and shares of 55% of the 4 Hope Downs mine, which is managed by Rio Tinto under a joint management committee and manufactures 47 million tonnes of iron ore annually. Mineral Resources in Nicholas Downs, northwest of Newman, is the subject of a new joint venture, which is producing 500 million tonnes of ferruginous manganese. In 2011, the majority stakes in the Alpha Coal and Kevin's Corner coal projects in Central Queensland were sold to GVK. These coal projects were never completed after being granted by the Commonwealth Minister for the Environment in 2012. The Roy Hill Iron ore Project in the Pilbara, south of Port, is expected to grow 60 million tonnes per year, with approvals pending to reach 70 million tonnes per annum.

Rinehart acquired a 10 percent stake in Ten Network Holdings in 2010; James Packer had purchased an 18 percent stake in the same company just before. Fairfax Media has since acquired a majority stake. Rinehart was a key figure in the media and she no longer restricted her attention to the mining industry. She boosted her Fairfax stakes to over 12 percent in February 2012 and became the company's largest shareholder. Fairfax journalists were reportedly concerned that she planned to turn them into a "mouthpiece for the mining industry." She increased her stake in Fairfax's newspaper division by 18.67 percent in June 2012, and was expected to be seeking three board seats and involvement in editorial discussions. Fairfax and Hancock Prospecting talks fell apart in late June due to disagreements over Fairfax's editorial autonomy policy and other topics relating to board governance; chair Roger Corbett later announced that Rinehart would not be given any seats on the board. She sold her shareholding in 2015 after struggling to obtain board representation.

Rinehart was ranked as the 37th most influential woman in the world by Forbes in 2015; a decrease from her 2014 and 2013 positions as the 27th and the 16th most influential woman, respectively.

Rinehart acquired Fossil Downs Station in the first year in 133 years. The 4,000-square-square-square-mile (1,544 sq mi) farm was stocked with 15,000 head of cattle, but the selling price was not disclosed, but estimates vary from A$25 to $30 million. In 2014, Rinehart purchased a 5 percent stake in Liveringa and Nerrima Stations for A$40 million.

Rinehart planned to open the massive Roy Hill mine in October 2015, just eight months after she received A$7.9 billion in funding. The first shipments of iron ore were sent to China. Hancock Prospecting had reached an agreement to invest in Sirius Minerals, a London-based mining company, to help bring the North Yorkshire Polyhalite Project to fruition.

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