Pursuits
Australian Billionaires Settle Rio Tinto Royalty Dispute
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Asia’s richest woman Gina Rinehart’s Hancock Prospecting Pty and Wright Prospecting Pty have settled a royalty dispute with billionaire Stan Perron, who claimed he’d been short-changed for a decade on mining royalty payments.
The dispute, which was set to go to trial May 28 in the Supreme Court of Western Australia in Perth, involved four of Australia’s 20 richest people. Royalties from Rio Tinto Plc’s Brockman 2 mine may be worth tens of millions of dollars, and Perron, 89, claimed Hancock and Wright withheld money owed him.