Australian mining magnate Gina Rinehart’s fortune swelled US$2.1 billion after her closely held company reported improved financial results on the back of higher iron ore sales.
Hancock Prospecting Pty’s revenue rose 39 per cent for the year to June 30. Earnings also improved at the Perth-based group with a 90 per cent increase in net profit to US$1.8 billion. The results lifted Rinehart’s wealth to US$17.9 billion on the Bloomberg Billionaires Index, a US$3.7 billion increase since the beginning of the year.
While Rinehart’s fortune has grown, there’s long-standing division about how it will be shared. Legal action over a family trust began in 2011.