Gina Rinehart’s Hancock Prospecting Will Likely Appeal Court Loss to Wright Prospecting
Hancock Prospecting would likely appeal a Wednesday court decision in favour of Wright Prospecting over shares of the disputed Rhodes Ridge iron ore project.
Supreme Court of Western Australia Judges Carmel McLure, Rene Le Miere and David Newnes on Wednesday dismissed an appeal filed by Hancock, owned by Australia's richest person Gina Rinehart, to reverse a 2010 decision that ordered Hancock to turn over its 25 per cent share in the venture which boosted Wright's interest to 50 per cent.
The ruling also then ordered Wright and Hancock to honour the agreement between Lang Hancock, Ms Rinehart's father, and Peter Wright, his business partner. The deal which was made in 1984 covered sharing of their various mining assets.
The judges said Wright in entitled to sole control of the asset and mandated Hancock to pay the court costs as well as to provide documentation and assistance to enable Wright to assume full control.
The other half if owned by Rio Tinto.
Besides the Rhodes Ridge project, Hancock and Wright are battling it in court over six iron tenements in Hope Downs mine.
