Gina Rinehart Adds $2.3B To Her Fortune: Australia’s Richest Woman Is About To Get Richer Still

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Australia’s richest person just got billions of dollars richer from profit margins during the nation’s cost of living crisis.

Gina Rinehart, a mining magnate, has made an impressive $2.3 billion from her most successful venture yet. The profit generated by Ms Rinehart’s mine in Roy Hill, controlled by her private company called Hancock Prospecting, was $3.3 billion in the past 12 months up until July this year.

Although a lot of money to the everyday person, this is Hancock Prospecting’s most significant drop in recent years. The reason is the lowers prices for iron ore because of shortages and trade wars with China.

Hancock owns 70%, Marubeni Corporation 15%, POSCO 12.5% and China Steel Corporation 2.5%. Ms Rinehart and her company will receive a total of $2.3 billion. As stated by the AFR’s most recent rich list, Ms Rinehart has a net worth of $34 billion and is currently the wealthiest person in Australia.

Massive profit often brings several hefty payments, as was the case for Roy Hill, who paid out $761 million in State Royalties and Native Title royalties and $2.1 billion in tax.

The company said it spent an additional $2.3 billion to compensate contractors for their labour. Mrs Rinehart praised Roy Hill employees for their efforts over the past year and said Australia benefited when her company did well.

“There is no doubt that Australia benefits immensely from our success. We are proud to be contributing to the economy, creating jobs and helping businesses across the country thrive,” she said in a statement.

Despite this tremendous gain, many Australians remain frustrated with rising living costs, as evidenced by recent polls showing that nearly 80% of people are struggling financially.

Still, many believe that Rinehart’s business savvy and foresight are essential reasons for her success, and they expect her to continue dominating the Australian economy for years to come.

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