Rinehart sees role of white knight, but is ready to ride off

GINA RINEHART hopes to be a ''white knight'' for Fairfax Media, but might sell her shareholding unless she is offered positions on the board without ''unsuitable conditions''.

The mining entrepreneur told the ABC's Four Corners program, via her company Hancock Prospecting (HPPL), that she would be prepared to sell the 18.6 per cent chunk of the company's stock that she holds and consider investing again if her demands were later met.

''Fairfax's largest three mastheads [including the Herald] have been declining in circulation for five years, a long time,'' Hancock Prospecting said. ''Fairfax's share price has also declined … approximately 90 per cent.

''HPPL had hoped that Mrs Rinehart may be viewed by the board as a successful business person and a necessary 'white knight' with mutual interest in a sustainable Fairfax, however unless director positions are offered without unsuitable conditions, Mrs Rinehart is unable to assist Fairfax at this time,'' the statement said. ''HPPL may hence sell its interest, and may consider repurchasing at some other time.''

The comments were sent to the ABC a week ago, when Mrs Rinehart was moving to increase her stake in the company and seek board representation.

Mrs Rinehart is now the company's largest single shareholder, and has reportedly been seeking three seats on the eight-member board, including a role as deputy chairman.

The Fairfax board has been resisting her push, and insisting she abides by the company's Charter of Editorial Independence, which states that board members do not interfere with the content of the newspapers. Mrs Rinehart, reportedly, will not agree to that charter.

A Fairfax Media spokesman declined to comment last night.

Asked about views on climate change and the media, and her funding of the climate change sceptic movement, Hancock Prospecting replied: ''She remains concerned by the lack of understanding in the media on this issue.

''To lessen the fear the media have caused over these issues, Mrs Rinehart suggests that the media should also permit to be published that climate change has been occurring naturally since the Earth began, not just the views of the climate extremists.''

The statement spoke glowingly of climate sceptics Ian Plimer, a geologist, and Andrew Bolt, a News Ltd commentator.

''Mrs Rinehart admires people like Ian Plimer who have independently chosen on their own accord to stand up against this tidal wave, which has caused fear, and despite substantial attacks by some of the media and extremists for so doing.''

Asked if she had used her position on the board of the Ten Network to help hire Bolt, Hancock Prospecting replied: ''Andrew Bolt has a short program on Channel 10 on Sundays. It is noted that his program is very popular in country areas … As stated previously by Mrs Rinehart, Mrs Rinehart hopes that should Mr Bolt's time permit, that he would consider longer programs on Channel 10.''

The statement did not answer questions about whether Mrs Rinehart had funded community organisations lobbying to stop the federal government's carbon price plan last year. But it did criticise the carbon price and accuse the media of failing to accurately report its potential impacts.

''Imposing such a high carbon tax will add to Australia's high costs, not only for businesses already facing problems with cost competitiveness, but also for Australians.''