Saturday, December 29, 2007

Nothing Worth Billions

Australia's richest man, valued at $9 billion, is a mining entrepreneur. The remarkable thing is that his mining activities have pulled absolutely nothing so far from the ground :
West Australian mining entrepreneur Andrew "Twiggy" Forrest yesterday emerged as the richest man in Australia by a clear margin, having seen the shares in his recently restructured Fortescue Metals Group jump 17 per cent or $1.27 a share to $8.47 after reaching as high as $8.75.

He owns 1.023 billion shares in the company, which - as its critics like to point out - is yet to ship a tonne of iron ore.

The price jump puts his personal worth at about $8.66 billion. His nearest rivals in Australia are gambling and media tycoon James Packer, whose wealth was estimated mid-year by the BRW Rich List at $7.25 billion, and shopping centre magnate Frank Lowy.
If Coca Cola can make hundreds of millions of dollars in Australia selling us our own spring water at prices more expensive than petrol, then why shouldn't a super-smart ex-jackeroo turn a few billion mining nothing?

Jars of air for sale! Genuine air! Fresh, fresh air! Anyone?