Rio Tinto’s foresight may ultimately limit its exposure to a multi-billion dollar legal battle between two of Australian richest women.
Rio Tinto negotiated a liability agreement likely to cap its payout exposure if Gina Rinehart loses a multi-billion legal battle with another of Australia’s richest women.
Wright Prospecting, the family company of Ms Bennett’s father Peter Wright, who assisted Lang Hancock in opening up major swathes of WA’s Pilbara to mining, now claims it is owed past and future royalties from that Hope Downs mining project.Rio Tinto was asked what assurances it could provide shareholders that it had limited its liability to any potential royalty claims, but did not respond. Royalties from the project would only be paid if Wright Prospecting is successful in the courts.
Lawyers for both Wright and Hancock Prospecting have made reference to key elements of Rio Tinto’s liability on any potential claims to riches flowing from the Hope Downs mine throughout the marathon trial. Meanwhile, financial reports filed with the Australian Securities and Investments Commission have provided more insight into the billions at stake for Rio, Hancock Prospecting, Wright Prospecting and theHancock Prospecting reported the four mines operated by Rio under the Hope Downs joint venture shipped 46.5 million tonnes of iron ore and contributed more than $1.3 billion to Hancock’s $5.04 billion net profit after tax in 2022-23.
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