All companies within the group are privately owned. With the notable exception of receiving a royalty stream from Hamersley Iron since the late 1960s, Lang Hancocks mining activities were mainly related to exploration and the accumulation of vast mining leases. In recent years Rinehart has focused on developing Hancock Prospectings undeveloped deposits, raising capital through joint venture partnerships and turning the leases into revenue producing mines.[24] Rinehart, via Hancock Prospecting, shares 50 per cent of the profits generated by the Hope Downs mine, which is operated by Rio Tinto and produces 30 million tonnes of iron ore annually. Another joint venture with Mineral Resources Limited at Nicholas Downs, northwest of Newman, is producing 500 million tonnes of ferruginous manganese.[citation needed] The Alpha Coal and Kevins Corner projects in Central Queensland, both with production due to commence in 2013, are expected to produce 30 million tonnes of coal each.[25] The Roy Hill iron ore project, south of Port Hedland, in the Pilbara is expected to begin production in 2013 with a yield of 55 million tonnes a year.[26][27] In 2010 Rinehart took a 10 per cent stake in Ten Network Holdings; James Packer had acquired an 18 per cent stake in the same company shortly before. Since then she has also acquired a substantial stake in Fairfax Media. In acquiring these shares, she has become a major player in the media and no longer limits her interests to the mining business.[28] In February 2012 she increased her stake in Fairfax to over 12 per cent, becoming the largest shareholder of the company.[29][30] Fairfax journalists were reportedly fearful that she wanted to turn them into a mouthpiece for the mining industry.[31] In June 2012, she increased her stake further to 18.67 per cent, and was believed to be seeking three board seats and involvement in editorial decisions in Fairfaxs newspaper division.[32] Negotiations between Fairfax and Hancock Prospecting broke down in late June because of disagreements over Fairfaxs editorial independence policy and other issues relating to board governance; chairman Roger Corbett subsequently announced that Rinehart would not be offered any seats on the board.[33] In 2014, Rinehart was listed as the 27th most powerful woman in the world by Forbes; a decline of nine positions from her 2013 ranking of the 16th most
Posted on: Wed, 13 Aug 2014 08:18:45 +0000