Rinehart Loses Hope Downs Royalties, Wright Wins

0:00Australia's richest woman, Gina Reinhardt, just took a major hit in court. Her company, Hancock Prospecting, has to pay hundreds of millions in royalties to rival Wright Prospecting from the huge Hope Downs iron ore project. The Western Australian Supreme Court ruled Wednesday that Wright gets half the royalties, past and future, but denied their push for ownership stakes. In other assets, this battle traces back to the 1950s when Reinhardt's dad, Lang Hancock, teamed up with school buddy Peter Wright to claim massive iron ore. Lands in the Pilbara region, claims started in 2010, leading to a 51-day trial last year, with thousands of documents and family drama thrown in. Reinhardt's kids, John and Bianca, jumped into the fray over inheritance but lost their shot at Hope Down shares. The judge said those assets belonged squarely to Hancock Prospecting. Everyone's spinning it as a win, though. Reinhardt's side shears keeping ownership, while opponents celebrate the cash flow.

1:01Another group, DFD Rhodes, also scored partial royalties from disputed lands, recognizing their pioneers' role. Hancock estimates yearly payout around 14 million to Wright and 4 million to Rhodes, but Wright figures it could top $1 billion dollars. Total. The real tab gets hashed out in a future hearing, and with appeals on the table, this 16-year saga might drag on for years, keeping the mining. Kindesties locked in battle. Local news, powered by AI, this is Sydney News Today.