Hancock Loses Hope Downs Iron Ore Project

0:00Hancock prospecting, run by Gina Reinhardt, just took a major hitting court over the massive hope downs iron ore project. The Western Australian Supreme Court ruled they got a hand over half their royalties to write prospecting, past and future payments that add up to, hundreds of millions of dollars. This decision came down Wednesday from Justice Jennifer Smith, focusing on the mining complex near Newman in Northwest Western Australia. It's a clear win for right on their contract claim tied to those old prospecting rights. The fight kicked off more than 15 years ago. Rooted in tenements staked out back in the 1950s by Peter Wright and Lang Hancock, Gina's. Dad, family's been battling over the iron ore riches ever since. But the court shut down Wright's push for a slice of Hancock's other mining assets, keeping the loss limited to hope downs. So now Hancock pays up on this one front, while the rest of their empire stays intact, knows how these deep-rooted disputes can drag on, but still, reshape fortunes overnight.

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