Gina Rinehart has reportedly nabbed further investments in the resources industry, this time with small stakes in Mongolia-focused miners to add to her suite of resources and media assets.
Rinehart, Australia’s richest person with an estimated $10 billion fortune, has bought 0.7% of explorer Aspire Mining and 0.19% of Guildford Coal over the past few months.
The stakes are below the 5% threshold that require ASX disclosure, but the The Australian‘s report of Rinehart’s stakes pushed both companies up this morning – although the shares are still trading lower than her entry price.
Rinehart, who heads Hancock Prospecting, has railed against Government regulation and was a high profile opposer of the mining tax. She was quoted saying this year that investors are going to look at Mongolia and West Africa to avoid Australia’s high cost of doing business.
The emergence of the stakes caps a busy year for Rinehart, who is currently embroiled in a legal battle with three of her children who are seeking to have her removed as trustee for alleged misconduct.
A suppression order about the case was lifted this week, but Rinehart has appealed to the High Court to keep the dispute private. Five years ago, the family agreed to settle any disputes privately.
The iron ore and coal giant also signed a $US1.26 billion deal in September, selling a 79% stake in in two Queensland coal assets to India’s GVK Power & Infrastructure. Rinehart has also thrown money into media investments, via Network Ten and Fairfax Media.
Aspire Mining is backed by SouthGobi Resources and commodities trader Noble. It completed a placement at 41 cents per share to institutional and sophisticated investors in October, having traded as high as $1.14 in April.
Proceeds of $32.8 million were earmarked for exploration at its Ovoot coking coal project in northern Mongolia, which in 2010 announced a maiden 330.7 million tonne resource.
Outside its Mongolian interests, it also has a 49% interest in Windy Knob joint venture in Western Australia.
Flagged as a potential takeover target a couple of months ago, it most recently made an operating loss after tax of $4.49 million.
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