Economy

Rinehart denied appeal to High Court over Rhodes Ridge project dispute: Midday Roundup

Patrick Stafford /

The High Court has denied an appeal by mining magnate Gina Rinehart over a dispute regarding her stake in an iron ore project.

Hancock Prospecting had applied for leave to appeal previous court rulings which had ordered the company to hand over a 25% stake in the Rhodes Ridge prospect to the Wright family.

Peter Wright was a business partner of Rinehart’s father, Lang Hancock. The dispute is rooted as far back as the 1980s.

According to various reports, the High Court has ruled there were no grounds for appeal. SmartCompany contacted both the High Court and Hancock Prospecting, but received no reply prior to publication.

According to the ABC, a statement from Wright Prospecting welcomed the announcement.

Albanese to declare leadership intentions

Anthony Albanese is expected to nominate himself for the Labor leadership today, with the party to arrive in Canberra for the first caucus meeting since the election.

Albanese posted an election-night speech on Facebook last night, following Bill Shorten’s own announcement.

According to AAP, Albanese said at Parliament House this morning he would not declare whether he would or wouldn’t nominate himself.

“We have to have discussions in a deliberative way with our internal processes,” he said.

“That begins in terms of the caucus today, and I intend to do what in my view is appropriate, which is inform my caucus colleagues first of my intentions.”

Shares fall on weak mining stocks

The Australian sharemarket has fallen this morning despite a solid run all week, with mining stocks the major factor behind the fall.

The benchmark S&P/ASX200 index was down 21 points or 0.4% to 5,221.1 at 11.30 AEST, while in the United States the Dow Jones Industrial Average fell 26 points or 0.2% to 15,300.5.

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Patrick Stafford

Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.

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