Australian billionaire Gina Rinehart increases her fortune by US$2.1 billion as iron ore sales soar

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. A court decided this year that the dispute with two of her children, John and Bianca, should be heard behind closed doors.

Dividends relating to the dispute “have not yet been able to be paid, and cannot be paid until those disputes are resolved,” according to the statement.

The latest jump puts Rinehart back among the world’s 10 richest women. She’s the second-richest woman in the Asia-Pacific region after Chinese real estate titan Yang Huiyan, who’s worth US$24.1 billion. Rinehart tops Bloomberg’s list of the richest Australians ahead of Harry Triguboff who ranks second with US$9.4 billion.