Gina Rinehart makes $3m coal play
Thu June 21, 2012 10:05pm
WHILE the world's richest woman Gina Rinehart has made headlines this week increasing her stake in Fairfax, a company she owns quietly bought a $5 million parcel of Queensland coal today.
Coal explorer International Coal said it had concluded a farm-in and joint venture agreement with Queensland Coal Investments, a wholly owned subsidiary of Ms Rinehart's Hancock Prospecting.
Ms Rinehart's company will provide $3 million in exploration funding plus a $2 million payment to International Coal.
It will earn a 51 per cent interest in the project.
The areas being explored are in the Maryborough basin in Queensland's south-east, a hard coking coal region.
Another Rinehart company, Hancock Coal is a joint venture partner in the proposed $6.4 billion Alpha Coal project in central Queensland, which is awaiting Federal approval.
International Coal shares closed 1.92 per cent higher at 26.5c.