Gina Rinehart’s Hancock Takes A$641 Mln Coal Asset Writedown
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Gina Rinehart’s private company booked a A$641 million ($548 million) writedown on a coal project in Australia after a partner failed to make payments.
The impairment charge on its interests in the coal assets are due “primarily to the lack of anticipated payments” from GVK Group, closely held Hancock Prospecting Pty said today in an e-mailed statement.