Australia's richest person must share part of her mining fortunes, court rules

Australia's richest person must share part of her mining fortunes, court rules15 minutes agoShareSaveAdd as preferred on GoogleLana LamSydneyGetty ImagesGina Rinehart was sued by a rival mining family over a decades-old agreementAustralia's wealthiest person Gina Rinehart must part with some of her riches, a court has ruled in a high-profile dispute over her mining empire.Worth an estimated A$38bn (£20bn; $27bn), Rinehart inherited the iron ore ventures of her father in 1992, before going on to develop mines in the mineral-rich Pilbara region of Western Australia (WA).Two of her children and the heirs of her late father's business partners argued they were entitled to a significant share of royalties and mining rights.On Wednesday, more than 13 years after the legal battle began, a Supreme Court judge ruled that Rinehart must pay past and future royalties to her rival heirs but that the mining rights remain hers.The legal battle centres around Hope Downs, one of Australia's largest and most lucrative iron ore projects.The court heard Rinehart's father Lang Hancock and his business partner Peter Wright - who were considered iron ore pioneers in WA - drew up an agreement to manage their joint interests under a business called Hanwright.During the 51-day trial in 2023, Wright's children argued that Rinehart had breached that agreement, and owed them mining rights and royalties stemming from Hope Downs.The site is jointly operated by global mining giant Rio Tinto and Hancock Prospecting, and last year tipped A$832m into Rinehart's company's coffers. Rio Tinto pays 2.5% in royalties to Hancock Prospecting, with Justice Jennifer Smith ruling half belongs to the Wright family.The legal case also involved two of Rinehart's children - Bianca Rinehart and John Hancock - who claimed that their mother had moved lucrative mining rights out of a family trust to a part of the business they couldn't touch.The pair said their grandfa...