Pursuits
Billionaire's Iron Ore Mine Begins Exports Amid Price Collapse
- Iron ore price has tumbled 80% since peaking in 2011
- Australia's richest person extending father's iron ore legacy
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The first shipment from billionaire Gina Rinehart’s $10 billion iron ore mine in Australia fulfills a two-decade dream just as prices trade at the lowest in at least six years.
Thursday’s maiden export cargo is bound for Posco’s steel mills in South Korea, Roy Hill Holdings Pty said in an e-mailed statement. It completes a quest begun by Rinehart in 1992 to develop and control her own iron ore operation in the mineral-rich region her father helped uncover more than 50 years ago.