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Gina Rinehart makes $3m coal play

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.

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