Overview
- Hancock Prospecting and Hope Downs Iron Ore have filed two appeals against April WA Supreme Court findings on royalties from the Hope Downs mines.
- The appeals dispute an order to account for royalties payable to DFD Rhodes on Hancock’s 50 percent share from specified sections of the project.
- The filings also challenge the court’s dismissal of Hancock’s indemnity and contribution claims against Wright Prospecting.
- Upcoming proceedings will set the size of any payout, with Wright Prospecting seeking nearly $1 billion while Hancock points to a $14 million yearly royalty.
- The April ruling granted Wright Prospecting some royalties but rejected its ownership bid, and the next phase is expected to involve disclosure of years of Hancock financial records and a new judge as Justice Jennifer Smith nears retirement.