CAPITAL MARKETS

Hancock ordered to hand over Rhodes Ridge stake

THE Supreme Court of Western Australia has today ordered Gina Rinehart's Hancock Prospecting to t...

Kristie Batten

This article is 10 years old. Images might not display.

Hancock lost a final bid to retain a 25% stake in the deposit in September 2013, but inaction prompted Wright to make an application for an order to enforce the final orders.

According to court documents, Hancock and Wright had been in communication since February last year, when the Supreme Court made the final orders. But Wright this month sought orders that Hancock execute the Rhodes Ridge joint venture interest deed of assignment and assumption within seven days, or authorise a registrar to do so in the event of default.

Hancock requested a staged approach to the transfer, which was rejected by the court.

Justice Rene Le Miere said Hancock should execute the deed, or the court would authorise a registrar to do so.

The Hancock and Wright families have been battling for control of the deposit since 2001.

Hancock lost a 2010 appeal and the High Court of Australia refused its application for special leave to appeal the decision last year.

The finding gives Wright Prospecting a 50% stake in the project, while Rio Tinto owns the other 50%.

Rhodes Ridge has a 2013 resource of 5.3 billion tonnes, up from almost 5.1Bt in 2012.

The deposit, near Newman, is undeveloped.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

editions

MiningNews.net Research Report 2025

The MNN Research Report 2025 provides insights into critical mining themes in Australia/Oceania, including top projects, C-suite priorities, risk, ESG performance and investor sentiment.

editions

Mining Journal Intelligence: Investor Sentiment Report 2025

Exclusive insights into the plans, priorities and preferences of 130+ mining investors and top factors influencing investment decisions in 2025.

editions

Mining Journal Intelligence World Risk Report 2024 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 117 jurisdictions globally, assessed across six risk categories and an industrywide survey.

editions

Mining Company ESG Index: Benchmarking the Future of Sustainable Mining

The Mining Company ESG Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.