Australia’s richest woman Gina Rinehart named business woman of the year

Mining billionaire Gina Rinehart has been named business woman of the year at Telstra’s annual awards held in Melbourne last night.

Rinehart, who became Austrailia’s first female billionaire in 2006 and is now valued at almost $3.5 billion, is the owner of Hancock Prospecting, the mining and exploration company left to her by her late father Lang Hancock.

But building Hancock Prospecting into a multi-billion operation was not as simple as stepping into her father’s shoes. Following Lang’s death in 1992, the company was struggling with high debts and crippling cashflow problems. Careful management – and the commodities boom – allowed Rinehart to develop Hancock Prospecting’s Hope Downs mine in a joint venture with Rio Tinto.

The company has several other projects under development, including the Roy Hill iron ore mine in Western Australia and a coal mine in Queensland.

Rinehard said she is excited by the prospect of entering a new era in in international relations.

“There are exciting times ahead for Australia, especially for companies at the forefront of developments with Asia. Both China’s and India’s economies are forecast to double in the next decade, and we are well positioned as a nation to forge valuable and fruitful relationships.”

The award for the young business woman of the year went to Emma Cassar, a former forensic psychologist who is now general manager of the women’s prison system in Victoria.

The business innovation award went to Dr Catherine Foley, chief research scientist at CSIRO, while Rhonda Brighton-Hall, senior vice president of human resources and communication at eyewear company Luxottica won the private and sector award.