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Reclusive iron ore magnates $8b richer after selling to Japan’s Mitsui

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Perth’s Bennett and Wright families are $8 billion wealthier after agreeing to sell the majority of their stakes in the giant Rhodes Ridge iron ore project in Western Australia to Japanese conglomerate Mitsui & Co.

The families are the heirs to the fortune made by Peter Wright, the business partner of mining magnate Lang Hancock. While Hancock’s daughter, Gina Rinehart, oversees a massive iron ore empire, the Bennett and Wright families struck a long-term partnership with Rio Tinto.

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Primrose Riordan covers private companies and family offices from the AFR's Sydney newsroom. Primrose was previously a correspondent for the Financial Times and covered foreign affairs and politics in Canberra. Primrose has won multiple awards for her journalism including from The National Press Club, SABEW in the US and Press Gazette in the UK. Message Primrose on Signal: https://tinyurl.com/PrimroseSignal Connect with Primrose on Facebook and Twitter. Email Primrose at primrose.riordan@afr.com
Peter Ker covers resource companies for The Australian Financial Review, based in Melbourne. Connect with Peter on Twitter. Email Peter at pker@afr.com

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    Original URL: https://www.afr.com/companies/mining/bennett-family-to-sell-iron-ore-interests-to-japan-s-mitsui-and-co-20250219-p5ldf2