‘Clear win’: WA mining veteran Tim Treadgold says Gina Rinehart biggest victor in Hancock, Wright court feud

While both sides of the legal divide over some of the world’s most valuable iron ore assets claimed wins in a multimillion-dollar court battle this week, a stalwart of the WA mining industry says the chips have fallen more in billionaire Gina Rinehart’s favour. Mrs Rinehart’s Hancock Prospecting and mining heir Angela Bennett’s Wright Prospecting trumpeted the judgment handed down by the WA Supreme Court on Wednesday. It found Wright Prospecting was entitled to half of past, present and future 2.5 per cent royalties from the massive Hope Downs project in the Pilbara. The first Hope Downs mines that Hancock Prospecting operates in a 50:50 joint venture with Rio Tinto began production in 2007, with operations at three other sites beginning in 2013. The court is yet to determine how much is owed in royalties back pay for all those years of operation. But independent mining industry expert Tim Treadgold said the question of ownership of Hope Downs was a “clear win” for Mrs Rinehart, saying Justice Jennifer Smith’s judgment handed her a “90 per cent” victory in the civil case. “The key to all this is ownership of the asset,” Mr Treadgold told the ABC. “The cash, which has flowed in and out over a 20-year period, is neither here nor there. She owns it, or she shares it with Rio Tinto, and that goes forward. “This is a minor pain, a nuisance, an embarrassment. Get it out of the way, finish it off, and then we can move forward.” Wright Prospecting failed in its push for an equal ownership interest in the parts previously known as the East Angelas assets, now named Hope Downs 4, 5 and 6. Speaking after Wednesday’s judgment, a spokesman for Wright Prospecting said the company was “pleased to finally receive a result in our favour”. “The decision is lengthy and complex. We will review it in detail before determining if any further steps need to be taken,” he said. Sources close to the company estimate payment for its share of past royalties could be between $800 million and $900m. Hancock Prospecting executive director Jay Newby said ownership was the primary issue in the case, which ran over several months in 2023, labelling royalties “far less significant”. Mr Newby said the judgment had firmly rejected the “baseless” equity claims by not just Wright Prospecting but also by Mrs Rinehart’s two eldest children John Hancock and Bianca Rinehart.