Behind every billionaire there is a story!

Iron ore makes another billionaire

Perth mining identity Tony Poli last night joined the rapidly growing list of WA billionaires after shares in his group Aquila Resources soared more than 14 per cent on hopes it would soon become an iron ore producer.
  
Mr Poli’s fortune — he owns 30.9 per cent of Aquila — jumped $133.6 million to $1.06 billion, propelling the 49-year-old former accountant into an elite circle of WA billionaires headed by fellow iron ore tycoons Andrew Forrest ($8.6 billion) and Gina Rinehart ($5.5 billion).
  
Mr Poli’s soaring wealth is further testament to the impact of the Chinaled resources boom on WA. China’s insatiable appetite for key raw materials such as iron ore has sent metal prices soaring and boosted the WA mining company values to record levels.
  
Aquila’s shares jumped $2.13 to $16.90 yesterday, having briefly touched $17.45. A year ago, Aquila was trading at $3.91 and worth about $800 million compared with $3.4 billion yesterday.

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