Gina Rinehart, Australia’s richest, will remember December 1, 2015 as the best of times, as well as the worst of times. The ‘best of times’’ part for her was the beginning of the loading of the first shipment of iron ore, which comes from the Roy Hill mine all the way in Western Australia. It must be noted that Rinehart owns 70% of said mine.
The ‘worst of times’ are represented by the price of iron ore, which dropped to the lowest price seen since the open-market trading in the steelmaking material began back in 2008. Now priced at $41.60, a single ton of iron ore is just a fraction of what it was in its peak back in 2011, which was around $180/ton. Despite this, the loading was still reason enough for Rinehart to celebrate.
