Wealthy Australians Forrest and Rinehart Transform Iron Ore into Monetary Riches
Billionaire Mining Tycoons Diversify to Gold
Fancy turning iron ore into gold? Two Aussie blokes have done just that, Gina Rinehart and Andrew Forrest. With fortunes valued at a combined $44.9 billion, they're no strangers to mining. But now, they've got a new shiny interest - gold.
In true lucky pants fashion, Gina's gold adventure is more or less an accident. Her small lithium exploration company, Delta Lithium, discovered rich veins of gold. With the gold price soaring past $3380 an ounce, the company aims to redevelop the historic Mt Ida goldmine, located near Lake Ballard, home of those crazy steel statues by British artist, Antony Gormley.
Delta's been hit by an 80% slump in lithium prices, but the addiction to gold has revitalized their shares, which have jumped 18% over the past month.
Andrew, on the other hand, is more intentional about his gold pursuit. He's helping build a world-class goldmining company, focusing on the mammoth Telfer mine in Western Australia.
His company, Greatland Gold, has been a star performer, its shares skyrocketing by 150% to 14.6 pence in the past year. With Forrest and his separated wife owning an 8.45% stake in Greatland, their investment could soar to over $500 million if their indirect interests are taken into account. Greatland's growth has been thanks to a series of shrewd moves, including strategic partnerships, capital raisings, and bringing on industry heavyweights like Mark Barnaba, a long-time director of Fortescole, and Elizabeth Gaines, a former Fortescue CEO.
For both Gina and Andrew, gold is a secondary interest, but with the gold price rising and the iron ore price falling, the yellow metal is set to become more and more irresistible. It's a gold rush, baby!
Insights:
- Gina's Gold Adventure: Gina Rinehart has ventured into significant gold assets, forming joint ventures with companies like Titan Minerals, a copper-gold project in Ecuador, targeting a gold resource of over 5 million ounces[1].
- Andrew's Gold Pursuit: Andrew Forrest and his firm have been diversifying beyond iron ore into green energy minerals and potentially gold assets[1]. However, specific details on his gold investments are not immediately available.
- Resource Diversification: Both mining magnates are not only diversifying into gold but also critical minerals that are key to the green energy transition, such as lithium and rare earth elements[2][3].
[1] - Titan Minerals update[2] - Gina Rinehart's diversification[3] - Andrew Forrest's lithium investments
Gina Rinehart's latest business venture involves gold, as her company, Delta Lithium, discovering rich veins of gold has led to a focus on redeveloping the historic Mt Ida goldmine. Likely, this investment in gold will contribute significantly to her wealth, given the soaring gold prices.
In the finance industry, Greatland Gold has been a standout performer, with a 150% increase in shares due to strategic partnerships, capital raisings, and the addition of industry heavyweights like Mark Barnaba and Elizabeth Gaines. The investment in Greatland by Andrew Forrest and his separated wife could reach over $500 million, considering their indirect interests.
Both tycoons have recognized the potential of gold as iron ore prices fall and the gold price rises. However, their interests in the gold industry are secondary, and they continue to invest in critical minerals like lithium as well, for the sake of the green energy transition.
With gold prices expected to climb further and the appeal of goldmining ventures likely to continue increasing, these billionaire mining magnates are set to reap substantial rewards from this new investment trend. The future looks promising for Gina Rinehart and Andrew Forrest in the gold, lithium, and green energy industries.
