Gina Rinehart has been told to share her Rhodes Ridge iron ore deposit, and may have to give up a 25 per cent stake when her appeals over a 10-year legal battle are officially exhausted.
Australia’s richest women would be required to hand over the stake within a month of the exhausted appeals, one year after the Supreme Court ruled that the children of Lang Hancock’s business partner Peter Wright were entitles to wrest the stake from Rinehart.
Rinehart, the daughter of mining magnate Hancock, has successfully run her father’s business since he died 20 years ago.
The court’s final orders were delivered yesterday, and while the outcome is not yet known, if Rinehart loses her battle, she will have only 28 days to transfer the stake.
If she is unsuccessful in the Court of Appeal, it expected she will take the fight to the High Court.
Image: The Sydney Morning Herald