Iron ore heiress Angela Bennett reaps $277m as ruling on Rinehart legal battle looms
Angela Bennett’s Wright Prospecting has posted a $277.2m profit as she awaits the outcome of a bitter legal battle with fellow iron ore heiress Gina Rinehart.
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Billionaire iron ore heiress Angela Bennett’s Wright Prospecting has posted a $277.2m profit as she awaits the outcome of a bitter legal battle with Gina Rinehart.
The two women are locked in a dispute over billions of dollars in iron ore assets and royalties, with Wright Prospecting spending $12.4m in legal fees in 2023-24.
The warring parties are awaiting a WA Supreme Court ruling as Ms Bennett and her family strengthen ties with Rio Tinto through a partnership to develop the Rhodes Ridge iron ore mine in the Pilbara.
Rio is counting on the high-grade Rhodes Ridge deposit to help overcome problems with the declining grade of ore from its string of existing mines.
Wright Prospecting’s profit was up from $235.5m in 2022-23, according to documents filed with the corporate regulator on Friday.
Ms Bennett and her family pocketed dividends of $263m in 2023-24 and another $44m after June 30. This compares to dividends of $238m last year.
The Wright accounts show the family reaped $192.2m in mining royalties and $223.6m in similar royalties from its share of the Hancock-Wright partnership.
Rhodes Ridge is on track to start churning out high-grade ore before the end of the decade, with Rio eyeing annual production of 40 million tonnes a year.
Wright Prospecting said a modernised joint venture agreement with Rio had paved the way for the development of the Rhodes Ridge deposits using Rio’s rail, port and power infrastructure.
Media-shy Ms Bennett came in at No.4 on The Australian’s 2024 list of Australia’s richest women with a fortune of $4.59bn. Her nieces, Alexandra Burt and Leonie Baldock, were listed together in sixth spot with $3.21bn.
Mrs Rinehart topped all-comers with $50.48bn, and on Thursday her private company, Hancock Prospecting, reported a $5.57bn profit.
Mrs Rinehart is the daughter of Lang Hancock, who along with his business partner Peter Wright helped pioneer the Pilbara iron ore industry. Ms Bennett is Wright’s daughter.
The legal dispute between the two women harks back to when, late in their careers, their fathers decided to keep some assets in the partnership and divvy others up between the families.
Wright Prospecting started legal action in 2013, claiming it is entitled to royalties from the Hope Downs mines developed by Rio in partnership with Hancock Prospecting.
It is unclear when judge Jennifer Smith will hand down a ruling after months of hearings last year. Appeals are likely, regardless of the outcome.
Hancock Prospecting said this week that Hope Downs mines sold more than 44 million tonnes of iron ore in 2023-24 and contributed almost $1.5bn to its net profit after tax.
The legal dispute between Wright and Hancock is complicated by two of Mrs Rinehart’s children, John Hancock and Bianca Rinehart, arguing they are the rightful owners of Hancock Prospecting’s 50 per cent stake in the Hope Downs mines.
As of September 30, Hancock Prospecting had $6bn accrued from Hope Downs mines sitting in bank accounts, waiting to be shared among Mrs Rinehart and her four children. Hancock said that was pending the outcome of confidential arbitration with Mr Hancock and Ms Rinehart.
Wright Prospecting is claiming an equity share is some parts of Hope Downs as well as royalties.
The court case revealed that Rio, through its subsidiary Hamersley Iron, had agreed to pay 50 per cent of the liability for any royalty claims up to a capped amount.
Wright Prospecting established its right to develop Rhodes Ridges, which sits between the Hope Downs No.1 and Hope Downs No.4 mines, in partnership with Rio after a long court battle with Hancock Prospecting.
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Originally published as Iron ore heiress Angela Bennett reaps $277m as ruling on Rinehart legal battle looms
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