Billionaire Stan Perron has had a win over fellow magnates Gina Rinehart and Angela Bennett, with the parties agreeing to settle their stoush over Pilbara mining royalties outside of Western Australia’s Supreme Court.
The battle was over a 1964 agreement with Mrs Rinehart's father, the late Lang Hancock, which Mr Perron said entitled him to a 15 per cent interest in royalties from certain mines in the Pilbara, including the Mount Tom Price, Western Turner Syncline and Brockman iron ore developments.
Mr Perron received the right to the royalties in return for a 500 pound investment in Mr Hancock’s iron ore ventures with his then business partner, the late Peter Wright.
When mining giant Rio Tinto started mining at Brockman, near Tom Price, in 1992, Mr Perron said he was told the mine was not covered by any agreements made with Mr Hancock.
Mr Perron, however, believed he was entitled to around $40 million in royalties earned between 1992 and 2010 when he commenced legal proceedings against Hancock Prospecting, Wright Prospecting and Hancock & Wright.
Today, a Perron Group statement said the parties had agreed Mr Perron had always been entitled to a 15 per cent interests in the "benefits and entitlements" related to those projects, and as such, was entitled to the royalties.
The terms of the settlement remain confidential.
