Australia’s mining goddess acquires Fairfax media

Mining magnate Gina Rinehart grabbed the largest stake at Fairfax Media with additional 42 million shares costing $25 million which she bought in just one transaction today. This increased her total share at the company to almost 15 per cent from 13 per cent, The Australian reported.

Gina Rinehart grabs Fairfax. (Photo: Patrick Hamilton/Perth Now)

Rinehart bought the shares at a price of 60 cents per share. The trade was worth $25.2 million representing 1.8 per cent of Fairfax’s total issued shares, the AAP said at noon.

Perth Now, however, is following up latest developments including a dramatic approached for 235 million shares which was made after the local sharemarket closed, with the offer available till 8pm.

Fairfax is one of the two biggest and most influential media conglomerates in Australia, along with the News Limited owned by the old-rich Rupert Murdoch’s clan.

Perth Now also noted Canberra Media analyst Peter Cox who believes Rinehart is increasing her stake to boost her influence in national affairs. He said Rinehart has already acquired Ten News as a financial investment.

“So this has to be driven by her view on politics in Australia…What’s the point of spending that money on it if you’re not going to have influence?”

The latest stake must be a way to go forward fulfilling the prophesy of climate sceptic Lord Christopher Monckton who advised the rich to capture the media to advance free-market agenda.

Australia’s mining magnates: Clive Palmer, Gina Rinehart, Andrew Forrest

Monckton spoke last year to free-market think tanks in WA on “How to better capture the Australian media to help push a right-wing, free-market and climate sceptic agenda.” It was a boardroom meeting hosted by the Mannkal Economic Education Foundation, a group chaired by mining “Hall of Fame” member Ron Manners to promote free-market ideals and low government intervention.

ABC’s The Drum said Manners is a member of Gina Rinehart’s lobby group ANDEV, which has been joined by the Institute for Public Affairs to lobby for a separate low-tax low regulation economic zone for the north of Australia to make mining projects easier to develop.

The original version of the video has been deleted from You Tube, but GetUp reposted it with transcription capturing Monckton’s verbatim sinister claims:

Is there an Australian version of Fox News?… No….

Frankly whatever you do at a street level, which is what you are talking about here, is not going to have much of an impact compared with capturing an entire news media.

You look at the impact that Andrew Bolt has had since he was rocketed to fame and that is the way to do it, you have to capture the high ground of what are still the major media, and what will remain for quite some time.

And until we crack that one both in the UK and Australia, we’re going to suffer from an disadvantage, against the more libertarian right-wing minded people in the United States…who have got Fox News and have therefore got things like a Tea Party, have at last put some lead into the pencil of the republican Party.

And it seems to me that putting some time into encouraging those we know who are super rich to invest in perhaps even establishing a new satellite TV channel is not an expensive thing, and then get a few…Joe Novas and Andrew Bolts to go on and do the commentating everyday—and keep the news free and fair and balanced, as they do on Fox. That would be breakthrough and give to Australia as it has for America a proper dose of free market thinki

The Australian said Rinehart admitted her desire to control two board seats at the media company which publishes The Sydney Morning Herald, The Age in Melbourne, and the Australian Financial Times. The company also controls the auction website TradeMe, as well as the Southern Cross Broadcasting network of radio stations.

Amid mining boom, Rinehart was also the first mining magnate to get the approval from the Federal Government to import 1715 foreign workers under a new type of 457 visa for the three-year construction phase of Roy Hill iron ore mine in Western Australia.

Caricature to mock Rinehart’s foreign workers (By Nicholson)

The scheme angered local workers and labour unions. Labour observers said Rinehart will take advantage of skilled foreign workers that come with cheaper wages.

This year, the BRW magazine named Rinehart as theworld’s richest woman with $29 billion mining fortune making her $3 billion richer  than Christy Walton’s, the widow whose inherited wealth springs from US retail giant Wal-Mart.

The ABC said “Ms Rinehart has ridden Australia’s resources boom like no-one else; her wealth ballooning by an unparalleled $18.87 billion in the past year….That equates to $1,077,054 every 30 minutes of every day.

Blog LInk: Asian Correspondent

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