Twiggy has a go at Rinehart for inherited wealth
Andrew "Twiggy" Forrest, the founder and chairman of Aussie iron ore stalwart Fortescue Metals Group (ASX:FMG) has made a thinly-veiled dig against fellow mining magnate Gina Rinehart for inheriting her wealth.
In Forrest's address as chairman on the occasion of the release of Fortescue's annual report, Forrest made disparaging reference to mining companies which inherited their assets, as opposed to his own company which was "built from the ground up based on grassroots exploration."
Although Forrest did not mention Rinehart explicitly, the barbed remark was obviously directed at Australia's richest woman, whose vast wealth was achieved on the bedrock of her father's bequest.
According to the West Australian Forrest and Rinehart have recently been in dispute over the proposed layout of Rinehart's Roy Hill railway line, which the mining heiress was forced to alter at tremendous expense in order to conform to Fortescue's operating perimeters.
This is not the first time that Forrest has made a sly yet pointed dig at Rinehart, emphasizing the fact that Fortescue has "no inherited wealth" during a speech delivered at the Australian National Press Club in May.