The richest woman in the world, Gina Rinehart, on Tuesday handed her daughter Ginia (sic) directorships of three companies, including Hancock Prospecting which controls her $10 billion empire.
Ginia who is 25 years old is the only one of Rinehart's four children who are not currently suing her in court in a bitter dispute over control of the family fortune.
The Australian reports that the latest shake-up is the biggest in a long time at the Rinehart group of companies and elevates Ginia in place of her siblings – Bianca Rinehart, John Hancock and Hope Welker – to the top ranks in the world of mining:
Australian Securities & Investments Commission records show Ginia was also appointed as director of Hope Downs Marketing Company, the joint venture with mining giant Rio Tinto that runs the Hope Downs project in the Pilbara that is producing 30 million tonnes of iron ore a year.
Ms Rinehart, who is believed to have limited experience in the mining industry, will sit alongside senior Rio Tinto Iron Ore executives Greg Lilleyman, Paul Shannon and Warwick Smith on the board of the joint venture.
In September India infrastructure giant GVK paid $1.3 billion for 79% of Hancock Prospecting coal, rail and port projects and said it would spend a further $10 billion developing them.
The publicity-shy Rinehart, 57, is predicted to become the world’s richest person as these coal projects and Hancock’s massive 100%-owned iron ore mines start producing by 2014 and earn her annual profits of as much as $10 billion. The so-called queen of iron ore who inherited a debt-ridden mining company from her father 20 years ago doubled her wealth from 2010 and is worth some $10.3 billion.
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