Iron Ore Heiress Cashes in on Coal, Dodging 30% Decline
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Iron ore magnate Gina Rinehart, Asia’s richest woman, is also no slouch when it comes to making money from coal, selling most of her assets for $1.26 billion before the worst price slump for the fuel in four years.
Rinehart, 58, with an estimated wealth of $18.8 billion, according to Bloomberg’s Billionaires Index, last year sold thermal coal assets in Australia to Indian billionaire GV Krishna Reddy’s GVK Group, a builder of highways, airports and power plants. Since the deal in September, coal prices have slumped almost 30 percent, just as GVK seeks funding to develop $10 billion of mines, port and rail.