Gina Rinehart’s Hancock Prospecting to pay hundreds of millions’ worth of royalties to rival family in ‘half loss half win’
by Sarah Martin from World news | The Guardian on (#74YN5)
Landmark ruling finds Wright Prospecting successfully made out its contractual claim to 50% of past and future royalties from Hope Downs iron ore project
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Gina Rinehart's Hancock Prospecting has lost its bid to retain royalties from the mammoth Hope Downs iron ore project and will be forced to pay Wright Prospecting half of its royalties from the project, worth hundreds of millions of dollars.
In a landmark ruling in the Western Australian supreme court on Wednesday, justice Jennifer Smith said that Wright Prospecting had successfully made out its contractual claim to 50% of past and future royalties paid from the project.
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