Sydney, Jul 30 (IANS): After a protracted and bitter family financial feud, Australian iron ore magnate Gina Rinehart is preparing to give away half her fortune to charity, media reports said on Thursday.

Currently valued at $10.22 bn, Rinehart is back on speaking terms with her son and daughter who she has been battling in court over the family's trust fund for several years, Xinhua news agency reported.

Last month, her daughter Bianca Rinehart and son John Hancock reached a settlement in the case and gained control of the $2.92 bn trust fund.

As part of the settlement, News Corp reported on Thursday that Gina Rinehart was considering giving away 50 percent of her fortune, either before or after her death.

Hancock wants his mother to follow the example of generous fellow Western Australia iron miner Andrew Forrest as an example.

News Corp reported cancer research, olympic sports and Australia's Royal Flying Doctor Service, which treats patients in the vast Australian outback, would be the lucky recipients.

"We have had discussions and we are aligned that the charity should only be Australian with a focus on northern Australia," Hancock said, adding, "I have endeavoured for years to come to a global settlement, including succession issues and how things including a charitable foundation will look in the future."

Gina Rinehart has been criticized in the past for not being charitable enough.