Rinehart loses Rhodes Ridge appeal

Gina Rinehart's Hancock Prospecting has lost its bid to retain a 25 per cent stake in the Rhodes Ridge iron ore project. Source: The Daily Telegraph

GINA Rinehart's Hancock Prospecting has failed in its bid to claw back a 25 per cent stake in the Rhodes Ridge iron ore project after its appeal was today dismissed.

A 2010 court order forced Hancock to relinquish its 25 per cent per cent stake in the project, increasing Wright Prospecting's interest to 50 per cent.

Hancock Prospecting had claimed the 1984 agreement was superseded by a 1989 agreement, but today the company's appeal was dismissed by the WA Court of Appeal.

The ruling honoured an agreement between Ms Rinehart's father Lang Hancock and his business partner Peter Wright in 1984 that involved the carve-up of their various mining assets.

Mr Wright died in 1985 and Mr Hancock died seven years later.

Rio Tinto owns the other half of the Rhodes Ridge project, situated east of the mining giant's West Angelas operations and south of its Hope Downs joint venture with Hancock.

In the judgment, Justice Carmel McLure reflected on Mr Hancock's fears that there would be stoushes between the men's descendants.

"The genesis of this dispute is an agreement entered into when the men were in the 70s and Mr Hancock was concerned that the hitherto harmonious and cooperative relationship between the partners would not survive the changing of the guard to the next generation who would take control of the corporate vehicles,'' Justice McLure said.

"As this litigation demonstrates, Mr Hancock's concern was soundly based.

"The intention and purpose of the 1984 agreement is unambiguously clear."

A Wright Prospecting spokesman said the company welcomed the ruling.

"Throughout this matter and the previous matter in the Supreme Court, Wright Prospecting's focus has been to enforce and protect its rights to 50 per cent of the Rhodes Ridge joint venture,'' he said.

Hancock's legal team indicated that the company would oppose three orders in today's judgment that it needed to take instruction on, and would be the subject of submissions explaining why it did not believe the orders were appropriate.

Justice McLure gave the Hancock team until November 13 to lodge the submissions while Wright had until November 20 to respond.

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