Australian mining tycoon Gina Rinehart has criticised rival iron ore miners and joint venture partners for “sacrificing” shareholder value in pursuit of net zero emissions targets.
The Hancock Prospecting chairman singled out her company’s joint venture partner Rio Tinto and BHP, and called on their shareholders to demand answers from their boards over the money spent on emissions targets.
“Mum and dad shareholders — what happened to your most recent half-yearly dividends from BHP, Rio (Tinto) and others? Lowest in the last seven or eight years,” Rinehart said in a speech on National Mining and Related Industries Day – an annual celebration she launched in November 22, 2013.
“Your dividends are being sacrificed on the green altar. How many billions are each of those public companies spending on net zero?
“At shareholder meetings, at company annual general meetings, ask: ‘how much of my money is being spent on net zero schemes, instead of returned as dividends?’ and ‘how much is being burned in the green incinerator, while Australia’s productivity and competitiveness decline?’”
Rinehart said most Australians do not support net zero policies, pointing to the Institute of Public Affairs’ latest poll in May.
Her comments, which were published by several publications and reposted on her company’s website, come after fellow mining billionaire Fortescue’s executive chairman Andrew Forrest called out Rinehart over her rejection of net zero emissions targets.
Rinehart also criticised the federal government for mismanaging mining projects. She noted that analysis by the Minerals Council of Australia shows that 80 per cent of mining projects are on the casualty list.
