www-Global Commodities.com » PUBLISHING-MEDIA

MINING GIANT ENTERS MEDIA EMPIRE STAKE

Editor — Wed, 08 Dec 2010 01:00:59 +0000

Australian miner in $50m Fairfax buy

Julian Lee and Colin Kruger

December 8, 2010

THE drama continued at Fairfax Media yesterday with mining billionaire Gina Rinehart revealed as the buyer of a $50 million stake in the company, one day after the abrupt departure of its chief executive, Brian McCarthy.

Market sources confirmed Ms Rinehart was behind the acquisition, which follows her raid on the Ten Network last month that netted her 10 per cent of the broadcaster. Morgan Stanley, which conducted Ms Rinehart’s raid on Ten, would not comment yesterday, nor did Ms Rinehart’s Hancock Prospecting.

Fairfax chairman Roger Corbett said: ”The company welcomes the investment interest and show of confidence from all our shareholders.”

Advertisement: Story continues below

It is not known if Ms Rinehart plans to increase her stake in Fairfax, owner of The Age. Her current stake represents 1.5 per cent of the company’s stock.

More than 60 million Fairfax shares were traded on Monday following the departure of Mr McCarthy, who has been replaced on an interim basis by Greg Hywood. Because broking codes have been removed from trading systems, there is no confirmation of how many of those shares were traded by Morgan Stanley.

Under sharemarket rules, once Ms Rinehart’s holdings reach 5 per cent, she must declare ownership. It is then that questions will be asked in earnest as to what her intentions are towards the company, which has an open and fluid register.

Former director John B. Fairfax’s Marinya Media is the largest individual shareholder with 9.7 per cent. The largest institutional investor is Colonial First State with 11 per cent.

In May this year, Fairfax signed a deal with Ten to serve short clips of news footage to complement news reports by Fairfax journalists. But Ms Rinehart’s second media acquisition in as many months may have more to do with gaining influence as she protects a mining empire worth around $5 billion.

Ms Rinehart has continued to be a vocal critic of the mining tax, including its latest iteration, the mineral resource rent tax.

In a recent article she wrote for a mining publication, Ms Rinehart said: ”Changes are needed, and not only to bury the MRRT immediately and permanently.”

Sourced & published by Henry Sapiecha

AUSTRALIAS RICHEST WOMAN LISTED IN BUSINESS REVIEW WEEKLY

Editor — Thu, 29 Jul 2010 09:46:59 +0000

Australina richest people &

Gina Rinehart second richest Aussie

NEALE PRIOR, The West Australian May 26, 2010, 1:00 pm

WA News / Steve Ferrier ©

Booming iron ore production and prices have made Gina Rinehart the second richest Australian and the nation’s richest woman with an estimated worth of $4.75 billion, according to a wealth list to be published by a business magazine.

Ms Rinehart, the heiress of prospector Lang Hancock, has enjoyed a $1.3 billion rise in her estimated wealth billion as she enjoys more than $200 million in annual royalties from Rio Tinto’s Pilbara mining operations and her cut of profits from her Hope Downs joint venture with Rio.

The BRW Rich 200 list estimates that Angela Bennett, the daughter of Mr Hancock’s late business partner Peter Wright, is Australia’s second richest woman with a fortune of $2.09 billion built on the half share of the Hancock-Wright royalty stream enjoyed by the Wright heirs.

BRW has Westfield shopping centre boss Frank Lowy as Australia’s richest man with an estimated fortune of $5.04 billion, taking the top spot from late cardboard mogul Dick Pratt’s son Anthony with $4.6 billion.

The Lowy fortune was estimated to have risen by $700 million over the past year, while Visy cardboard heir clocked up a relatively humble $300 million increase in wealth.

WA iron ore boss Andrew Forrest was listed as having a fortune of $4.24 billion – up from $2.38 billion last year, when the shares of his Fortescue Metals Group were still reeling from the effects of the global financial market shake down.

But in an illustration of how fleeting share market fortunes can be, the value of his stake in Fortescue has plunged by around $500 million over the past fortnight and he was probably worth only a relatively humble $3.6 billion yesterday.

BRW lists construction and building products mogul Len Buckeridge as the third richest West Australian with an estimated wealth of $2.24 billion, up from an estimated $1.95 billion last year.

Australia’s richest people on BRW magazine’s Rich 200 list:
1. Frank Lowy $5.04 billion property

2. Gina Rinehart $4.75 billion resources

3. Anthony Pratt $4.6 billion manufacturing

4. Andrew Forrest $4.24 billion resources

5. Harry Triguboff $4.2 billion property

6. James Packer $4.1 billion media, investment

7. Clive Palmer $3.92 billion resources

Youngest: Nathan Tinkler, 34, $355 million resources, racing

Oldest: David Mandie, 91, $263 million property

Sourced & published by Henry Sapiecha

THIS EVER SHRINKING WORLD MAKES IT EASIER TO ACCESS GOODS WORLDWIDE

Editor — Fri, 26 Feb 2010 10:01:43 +0000

A WORLD HUNGRY FOR TRADE

The commodity market activity throughout the world has to keep moving between countries to ensure that all have a share of the global wealth and resources.

There are some who are not ‘pulling their weight whilst others are producing abundantly. These things are like that for different reasons.

Here we will bring them and others, together at a common market place where all can exchange goods and or services or sell for cash to the highest bidder or ready buyer.

MORE TO COME SO WATCH THIS SPACE

Henry Sapiecha