richest woman in Australia It is stated that he will have to share part of his fortune as ordered by the court. Gina Rinehart is worth an estimated £20 billion (Australian $38 billion) and inherited the company founded by her father Lang Hancock in 1992.
He acquired even greater wealth by developing mines in the Pilbara region of Western Australia. But on Wednesday (April 15) a Supreme Court The judge ruled that he must pay millions of dollars in past and future iron ore royalties to the heirs of his late father’s business partners, including Peter Wright and Don Rhodes.
After 13 years of legal wrangling, the judge ruled that rival family mining firms, Wright Prospecting and DFD Rhodes, were successful in their case.
But Justice Jennifer Smith rejected the claim of Ms Rinehart’s two children, who had argued they were owed a large portion of the wealth acquired from the Hope Downs mines.
A separate hearing, to be heard at a later date, will determine how much the two rival companies will be paid.
Jay Newby, executive director of Hancock Prospecting, said in a statement that the Supreme Court decision confirms the company’s rightful ownership of the Hope Downs and East Angeles mines.
He said the court has “strongly” rejected the “baseless” ownership claims of Wright Prospecting and Rinehart’s children, John and Bianca.
Mr Newby said Hancock Prospecting would consult its partner, Anglo-Australian mining multinational Rio Tinto, on the payment due.
The executive said the company welcomed the court’s rejection of Right Prospecting’s claim for volume royalties, which are a fixed fee for a single product sold rather than a percentage of total revenue.
He said Hancock Prospecting also welcomes the court’s dismissal of most of Rhodes’ royalty claims.
Mr Newby said the remaining claims amounted to about $4 million a year for DFD Roads and about $14 million a year for Wright Prospecting.
Rio Tinto spokesperson said financial Times: “We accept the Court’s decision today and will now consider the decision in full detail.”
A Wright Prospecting spokesperson welcomed the verdict, saying the company was pleased to finally have the outcome in its favor. BBC.
