With a fortune of $11-billion, mining heiress Gina Rinehart is already the richest Australian ever.Now thanks to a commodities boom that has sent the value of her iron mines skyrocketing, Rinehart is on track to become the richest person on the planet, according to a new report from Citigrou.
The report projects significant revenue growth for Hancock Prospecting, the company Rinehart inherited from her father. Since Rinehart owns all the shares in her company, she could soon earn up to $10 billion yearly.
From Australia’s Smart Company:
If Rinehart’s three new projects mentioned by Citigroup match the performance of [Rinehart’s first mine] Hope Downs, and if mineral prices stay high — two big assumptions — it is possible to see Rinehart’s portfolio of coal and iron ore production spinning off annual profits approaching $10 billion.
If those best guesses prove to be correct, Rinehart is heading for a personal net worth valuation of more than $100 billion, using the Rio Tinto 11-times PE multiple.
The only child of mining magnate Lang Hancock, Gina first made waves at Hancock Prospecting with a plan to revolutionise iron-cut mining using nuclear explosions. The plan was soon scrapped.
After Lang Hancock's death in 1992, Gina famously started a feud with Rose Lacson, her father's former maid whom he eventually married.
The feud took 14 years to settle. While Lang was cremated, Gina had several of his organs preserved to use as evidence in a murder case she hoped to build against Rose.
Until recently, Gina was famously private, bulletproofing her cars and office windows and hiring former military members as bodyguards.
Gina emerged as a public figured in 2010 when she joined a campaign protesting the labour party's proposed mining tax.
In November 2010, she bought stakes in Australia's Channel 10 and Fairfax newspapers -- her first forays into the world of media.
NOW WATCH: Executive Life videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.