A multi-million-dollar Supreme Court stoush between property mogul Stan Perron and the family companies of Gina Rinehart, the late Michael Wright and Angela Bennett over iron ore royalties has been settled out of court.
A week ahead of the date the case was scheduled to go to a trial in the Supreme Court, Mr Perron and his company SP Investments Pty Ltd released a statement today announcing that the parties had agreed to settle the proceedings.
In a Supreme Court writ lodged in 2010, Mr Perron claimed that a 1964 agreement with mining pioneers Lang Hancock and Peter Wright entitled him to a cut of the royalties from Rio Tinto’s Brockman mines.
“The parties have agreed that Mr Perron or SP Investments (in their respective capacities as trustee of the Leonard Michael Brennan Trust) is and has always been entitled to a 15 per cent interest in the benefits and entitlements of an agreement between Hancock Prospecting, Wright Prospecting and other parties, including Hamersley Iron Pty Ltd,” the statement said.
“Those benefits and entitlements include the payment of royalties in relation to certain mines in the Pilbara region including the Mt Tom Price mines (which include the Western Turner Syncline mine) and the Brockman mines.
“The terms of the settlement remain confidential.”
The case was listed for a nine-day civil trial in the Supreme Court from next Monday.
Comment could not be obtained from Hancock Prospecting.