Mining Tycoon Rinehart $29.2Bn (£18.2Bn) Lifts Fairfax Stake

Australian mining billionaire Gina Rinehart continues to expand her media portfolio and mining wealth which is growing at a rate of £32m a day, according to Australia’s annual rich list. Her personal fortune now stands at A$29.2bn (£18.2bn) placing her at the top of BRW magazine’s Rich 200 list for a second consecutive year.

The mining tycoon has lifted her stake in Fairfax Media to more than 13 per cent and targeted chairman Roger Corbett.

The world’s wealthiest woman has confirmed she has been back in the market, telling BusinessDay in an email that she now owns more than 13 per cent of Fairfax Media.

This increase means Ms Rinehart has bought more shares since a raid in February lifted her stake to 12.59 per cent, making her the largest shareholder in the media group.

In her second media statement concerning Fairfax in a week, Mrs Rinehart has again taken aim at Mr Corbett and the company’s board.

“There are questions to be raised concerning the current chairmanship that has presided over both an approx. 60 per cent loss in share market value and continuous loss of circulation of all [its] major mastheads, which in turn [affects] revenue,” Mrs Rinehart said.

“Answers need to be given as to how the chairman will address this in the interests of all shareholders, rather than merely hoping for improvements in circulation, revenue and share price or perhaps trying to blame … industry conditions.”

Mrs Rinehart declined to answer questions about whether she planned to continue pursuing board seats, saying: “It is too early to say if [Hancock Prospecting - the company through which she owns her stake] will hold its more than 13 per cent shares in Fairfax or sell them or find some other satisfactory resolution.”

In the last 12 months alone, she is thought to have almost tripled her fortune as iron ore price’s recover.

“The A$18.87bn increase in her wealth is unparalleled,” said Andrew Heathcote, editor of the BRW Rich List.