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Iron Ore Boosts Gina Rinehart's Fortune

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Gina Rinehart may project herself as a ‘media mogul’ but it is on Hancock Prospecting that her fortune is based. New figures about her flagship company in the mining empire show that the richest woman in Australia is showing a huge increase in revenue.

As per figures released by the private company, revenue at Hancock Prospecting jumped from $211.5 million in 2007-08 to $738.5 million in 2008-09. Profits have also gone from $162.2 million to $225.4 million in the same timeframe.

The royalties from iron ore mine ventures in Plibara have contributed handsomely to the company profits. Of these the Hope Downs joint venture alone produced $700 million in revenue as it is now at full production. The Nicholas Downs manganese project and some coal mines are also part of the company portfolio in the Pilbara region.

The personal finances of Mrs Rinehart have risen based on the iron ore royalties that she inherited from her father. Her wealth was estimated at $4.75 billion in the 2010 BRW Rich List. This placed her below Frank Lowy the Westfield shopping center boss.

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