Gina Gina: Like father, like daughter – episode 2
Apr 6, 2025
Michael Yabsley, a former advisor to mining mogul Gina Rinehart, and Ken Henry, ex-Treasury Secretary, dive into the profound political influence of wealth. They discuss Rinehart's strategic opposition to the mining super profits tax and how she learned from her father, Lang Hancock, a pioneer of the iron ore industry. The conversation also tackles the push for Western Australia's secession, personal rivalries in mining, and the complex interplay of politics and economics that shapes Australia's future.
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Discovery Flight That Started A Fortune
- Lang Hancock discovered a huge iron deposit after flying low through a gorge and spotting red rock in the Turner River.
- He later traced the iron for miles and collected high-grade samples that launched his mining fortunes.
Lobbying Turned Discovery Into A National Boom
- Hancock lobbied intensely to lift the 1938 iron ore export embargo because his find had no value unless export were allowed.
- His persistence, alliances and demonstrations helped change government policy and trigger the Pilbara boom.
Tiny Royalty, Huge Payoff
- Hancock and Peter Wright signed a deal with Rio Tinto giving them a 2.5% royalty without a sunset clause.
- That tiny royalty turned into enormous lifelong wealth as Rio exported vast quantities of iron ore from Mount Tom Price.