FX.co ★ Australia’s richest man demanded to stop search for uranium on his ranch

According to Bloomberg, Andrew Forrest, Australian billionaire, sued to block attempts to search for mineral wealth including uranium and sand under his own ranch located in the North-West of the country. “In Australia, by law, you only own the top meter, everything underneath, that is owned by the people of Australia,” Peter Strachan, a resources analyst at Perth-based StockAnalysis, said in a phone interview. In this regard Yarri Mining Pty Ltd intends to start sand mining on the territory of Forrest’s ranch paying him $200,000 compensation. Representatives of Yarri Mining claim that they intend to use only about 348 acres, about 0.06% of the total area. In its turn, Forrest’s private company Forrest & Forrest Pty is against pointing out that the activity may scare the cattle. The billionaire’s company also intends to block uranium extraction, which Cauldron Energy Ltd is about to start. Forrest is Australia’s richest man after Gina Rinehart. The Andrew Forrest’s fortune estimates for $5.7 bln. The businessman made the best part of it while he was the head of his company Fortescue Metals Group Ltd., the biggest seller of high-yield debt in the mining industry. The ranch is about half-a-million acres (two thousand square kilometers), which is twice as big as New York’s area. It was founded in 1878 by Andrew Forrest’s great-great uncle, Sir John Forrest, first premier of the state of Western Australia, and his brothers Alexander and David.