Rinehart grabs Carabella interest

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Billionaire mining heiress Gina Rinehart has added junior coal miner Carabella Resources to her expanding list of mining interests.

A subsidiary of Rinehart’s Hancock Prospecting called Timeview Enterprises has forked out around $1.8 billion to grab a 0.74% stake in the junior.

The investment follows earlier moves by Rinehart to increase her stake in Western Australian mining contractor Mineral Resources to 8.3 per cent.

While investors do not have to reveal their holdings in companies until their stakes reach 5%, Carabella itself decided to announce Rinehart’s investment after an analysis of its share register.

“Carabella considers this information should be released to keep the market fully informed, particularly in view of ongoing consolidation in the coal sector,” the company said in a statement.

“To this date, Carabella has not been contacted by either Timeview or Hancock Prospecting in regard to the acquisition of shares and Carabella.”

Rinehart’s investment comes days after the sudden departures of Carabella managing director Mitch Jakeman and non-executive board member Rick Gazzard.

On a recent tour of Carabella’s Grosvenor West coal tenements Jakeman said the company was in discussions with Hancock Coal over their plans to build a railway to Queensland’s east coast.

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