Bond University vice-chancellor and president Professor Tim Brailsford said Rinehart was in a very select group of Australians that had made such a major impact on the nation.

“Gina Rinehart is a very strong leader with an astute business mind, who possesses a vision on how our country can progress and prosper,” he said.

“Her contribution to the mineral resources sector, public policy debate and the national economy will ensure she leaves a lasting legacy.”

Rinehart said she was honoured to receive the award.

She thanked and congratulated Bond as “an innovative and entrepreneurial private university”, and said she would “look forward to increasing my association with Bond through this honorary doctorate”

Rinehart chairs and is CEO of Hancock Prospecting, is a director of Hope Downs Marketing Company and chairwoman of the Hancock Family Medical Foundation.

The Hope Scholarship award sponsors three students each year to attend university.

Rinehart is the founder and chair of Australians for Northern Development and Economic Vision, is an honorary ambassador for the Northern Territory and is a director of Ten Network Holdings.

Hancock is trying to obtain around $A7 billion in financing for the Roy Hill iron ore project in the Pilbara.