Rinehart Loses Court Battle Over Rhodes Ridge

By Esther Tanquintic-Misa,

Shutterstock photo

Gina Rinehart, richest woman of Australia and of the world, has lost an 11-year old court battle to repossess from rival miner Wright Prospecting Pty Ltd. a 25 per cent stake in the Rhodes Ridge three billion tonne iron ore deposit in Western Australia.

In March 2010, Ms Rinehart's Hancock Prospecting was ordered by the court to surrender to Wright Prospecting its 25 per cent per cent stake in the project, effectively boosting the latter's hold on the project to 50 per cent. As expected, Ms Rinehart and her camp immediately lodged an appeal to nullify this order.

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