Rio Tinto Must Pay Ore Royalties Over Decades-Old JV

Law360, New York (May 13, 2013, 2:34 PM EDT) -- An Australian high court ordered a Rio Tinto PLC unit on Friday to pay royalties to two billionaire-backed companies, finding that a 1970 joint venture agreement was still in place despite Rio Tinto losing rights to the land for several years.

Judge David Hammerschlag of the Supreme Court of New South Wales ruled that Mount Bruce Mining Pty must hand over 2.5 percent of its iron ore sales linked to two mines to Hancock Prospecting Pty Ltd., owned by Australia's richest woman Gina Rinehart, and Wright...
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