Rinehart Reclaims Stake in Iron Ore

Bloomberg reported Gina Rinehart wants to reclaim an iron ore stake in Australia after it was awarded to Wright Prospecting two years ago.

As quoted in the market news:

The judge who awarded the 25 percent stake in the Rhodes Ridge property to Wright Prospecting failed to consider provisions that nullified an agreement between Rinehart’s father Lang Hancock and his former partner Peter Wright, a lawyer representing Rinehart’s Hancock Prospecting Pty said today at an appeal hearing in Perth. The lawyer, Steven Finch, urged the judges to overturn the decision.

Click here to read the full Bloomberg report.