Haven't had a puff since 2009. Should I break open a cigar when the fat lady sings?
It will be interest to see if Roy Hill proves a disaster? Easy come, easy go?
Quote:
Gina Rinehart's fortune drops by $3 billion
December 17, 2013 - 8:21AM
The net worth of Australia's richest individual, Gina Rinehart, has dropped by $3 billion to $16.95 billion after revenue and earnings slumped at her closely held iron-ore mining company Hancock Prospecting Pty Ltd.
Hancock submitted results for the year ended June 30 with the Australian Securities & Investments Commission. The filing was received by the regulator on November 1 and released to Bloomberg News on December 12.
Revenue slipped 14 per cent to $1.986 billion compared to a year ago, according to the filing. Net income plunged 85 per cent to $489.7 million. Earnings before interest, taxes, depreciation and amortisation slid to $1.1 billion, compared to $1.5 billion a year ago. Book value rose to $6.751 billion from $5.934 billion a year ago.
Rinehart's net worth was calculated using the Bloomberg Billionaires Index. More than half of the fortune stems from her ownership of West Perth-based Hancock, the holding vehicle for most of Rinehart's mining interests, including royalty rights she inherited from her late father, Lang Hancock, which guarantee her less than 1.25 per cent of all annual revenue generated by some of Hamersley Iron ore mines now owned by Rio Tinto Group.
Hancock also holds her 50 per cent interest in the Hope Downs mine, which she owns in a joint venture with Rio Tinto, and three thermal coal projects in Queensland. The company is valued using the average enterprise value-to-Ebitda multiple of four comparable publicly traded companies: Fortescue Metals Group Ltd, Vale SA, Rio Tinto and BHP Billiton Ltd.
Rinehart is listed at No. 61 in the Bloomberg wealth rankings, down from No. 41 on December 12. The next richest Australian is Crown Resorts gaming mogul James Packer at $6.1 billion, followed by Ivan Glasenberg, the chief executive officer of Glencore Xstrata Plc, who is worth $5.6 billion. Rounding out the top six billionaires in Australia are Frank Lowy, Harry Triguboff and Andrew Forrest.
Saying that i smoke a Motecristo number 2, i keep it to no more than 1 per week and lately that is being cut back to one per month.
Anyway as i have been saying all industries/asset classes cycle. If you want to be rich. Buy when people are frightened. Sell when people are full of hubris and feel invincible. Just keep doing that. Rinse and repeat. Also have some assets that are keepers. If she has debt and is not backstopped by a very large bullet proof customer then i say she may feel some pain. She is competing with 3 of the largest iron ore producers on the planet. All i can say to her is good luck. Peter
That's a good one. Usually they say buy when there is blood on streets,. I think a little way to go on that one.
Gina tossed money on Roy Hill when there was already warning signs. Ore with only 50% purity isn't the hottest item on the market. I suspect it'll take a big chunk out of her.
The next trick of our glorious banks will be to charge us a fee for using net bank!!! You are no longer customer, you are property!!!
That's a good one. Usually they say buy when there is blood on streets,. I think a little way to go on that one.
Gina tossed money on Roy Hill when there was already warning signs. Ore with only 50% purity isn't the hottest item on the market. I suspect it'll take a big chunk out of her.
Getting money is easy if you get it. Keeping it is a whole different story. There is an exponential rise in possibilities as you get more money. Slow and steady wins the race. History is littered with failure and it can not really be analyzed until after it has happened. It can be predicted but not 100%. Being rich is counted in knowledge for me and my team. Not cash, the cash is a byproduct. Peter :pop: If you want to stay rich you have to increase knowledge.
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