For many of us, the dream of being a billionaire is just that – a dream. But imagine having so much wealth you can afford to purchase a piece of land larger than the whole of Ireland. For Australia’s richest woman – Gina Rinehart – this is very much a reality as she is on the cusp of buying Australia’s Kidman estate.
Gina Rinehart: In Profile
To give you a little background on Ms Rinehart, she was born in Perth in 1954 into the Hancock family – the owners of a established mining company ‘Hancock Prospecting’.
Ms Rinehart took over the family business in the 1990s and through wise investments, business moves and expansion into other niches, she grew her wealth to become not only the fourth richest Australian, but the country’s wealthiest woman.
Recent estimates from ABC.net list her fortune at $6.06 billion.
Previous Recent Major Investments
Gina Rinehart is no stranger to major investments in landscapes either, you only need to look back a few months to October to see the variety of her portfolio. As this article in The Guardian details, she invested ‘£245m in the UK’s biggest potash mine on the edge of the North Yorkshire Moors national park’.
This venture was something that had been in development for a number of years and was something Ms Rinehart said has ‘the potential to become one of the world’s leading producers of multi-nutrient fertiliser’. In short, this could become a very rewarding move.
In early December, Australia approved the sale of the nation’s largest private landholding – also known as the ‘Kidman estate’.
As this BBC article explains, the estate makes up ‘1.3% of Australian land’ which is a mighty 101,411 square kilometres of territory. Ms Rinehart and her partnered Chinese developer Shanghai CRED will own 77,300 square kilometres, excluding the Anna Creek cattle station which will be ‘sold to a local farming family’.
Hancock Prospecting bid an apparent $277 million for the land and this was finally approved, despite concerns about previous blocked bids by other groups earlier this year. It is believed that the purchase will primarily be for agriculture purposes, but also there’s every chance more mining operations could begin.
What this Might Mean?
Going on the previous success of Ms Rinehart’s business moves, it could be an interesting time for those involved in share trading around these respective industries and indeed Hancock Prospecting itself. Such a major purchase could see notable fluctuations on the markets – especially if this proves to be something fruitful for the company.
On a wider scale, it could also see employment rising in the area as more opportunities become available for work through the farming and mining developments, which may appear in the coming months and years.
While the sale itself is not technically quite over the line, it looks more than likely that this landmark purchase will be going through. The hope of course for all parties involved that this turns out to be the lucrative investment it appears to be; it will certainly be interesting to see what happens in the coming months.