Australian Mining Tycoon Can't Regain Iron Ore Stake

Law360, New York (October 30, 2012, 4:43 PM EDT) -- The Supreme Court of Western Australia on Tuesday upheld a lower court's ruling that iron ore exploration firm Wright Prospecting Pty Ltd. had gotten proper approval to sell Hancock Prospecting Pty Ltd.'s 25 percent stake in an Australian deposit to joint venture partner Rio Tinto.

Hancock, owned by Australia's richest woman, Gina Rinehart, claimed that transfer provisions in the joint venture agreement between Hancock, Wright and Rhodes Ridge Mining Co. Ltd. clashed with provisions of the agreement between the parties and the state of Western Australia....
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