Rinehart could be ordered to give documents to rivals
Billionaire Gina Rinehart is likely to be forced to hand over years of financial records to two rival mining dynasties pursuing hundreds of millions of dollars in unpaid iron ore royalties.
Lawyers for Ms Rinehart’s company, Hancock Prospecting, and the heirs of mining pioneer Peter Wright and engineer Don Rhodes returned to court in Perth on Thursday.
Wright Prospecting and DFD have tussled over the enforcement of a ruling that found Rhodes was owed some of the spoils from the massive Hope Downs mining complex operated by Rio Tinto in WA’s ore-rich Pilbara region.
These included who should calculate royalty amounts, interest rates that might apply to large sums of money, potential damages that could result from Hancock Prospecting’s breach of contract, future revenue payments, and what documentation Hancock Prospecting would be required to provide.
Judge Jennifer Smith stated that Hancock Prospecting must provide decades of royalty accounts to Wright Prospecting and DFD Rhodes as a first step in determining the monetary settlement, detailing orders it is likely to issue at a later date.
Years of complex legal litigation pitting Hancock Prospecting against Wright Prospecting and DFD Rhodes amid decades-old allegations of contract breaches ended last week with Judge Smith issuing a 1,655-page decision.
Judge Smith rejected Wright Prospecting’s claim for a half-share of some of Hancock’s iron ore deposits worth billions of dollars, leaving Ms. Rinehart in control of the valuable assets.
Rio Tinto has also entered the fray as a joint venture partner at Hope Downs.
The 51-day Supreme Court of Western Australia hearing featured sensational allegations against Ms Rinehart, which she vehemently denied.
These include allegations that the billionaire devised an illegal scheme to defraud his children and that his father Lang Hancock’s wife, Rose Porteous, was allegedly attempted to be deported in the 1980s for fear she would inherit shares in Hancock Prospecting.
Ms Rinehart inherited her father’s iron ore discovery in the Pilbara region and built a mining empire after his death in 1992.
It developed mines in the tenements at Hope Downs and in 2005 signed a deal with Rio Tinto, which has a 50 percent stake in the project.
The Hope Downs mining complex near Newman is one of Australia’s largest and most successful iron ore projects, with multiple open-pit mines.
Ms. Rinehart’s fortune is estimated at approximately $40 billion.
The parties will return to court on May 1 to continue the hearing.
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