Jealous are you ? no fee for the banker ....banker ....banker .
THIS IS GOOD FOR HOLDERS.
The African deal is overvalued in my opinion.
get Mick, Leo & Martin Bennet AND HIS FAMILY ...(Angela Bennett) in the game Rio & Cfe ect.
Angela Bennet pays millions to end royalties dispute
WEALTHY siblings Angela Bennett and Michael Wright have paid about $50 million to settle a family feud over royalties from their father's iron-ore finds.
Ms Bennett's father, Peter Wright, was the business partner of Lang Hancock, the pioneer of Western Australia's iron ore industry in the 1950s.
In the 1960s, the pair sold their tenements in the state's far northwest to what is now Rio Tinto in return for a royalty of 2.5 per cent on all iron ore sold.
The astute business deal has made multi-millionaires and billionaires of Mr Wright's and Mr Hancock's children, but has also triggered a series of often-vicious court squabbles over the royalty stream, now estimated at more than $100 million a year.
Mr Wright died in 1985, splitting his fortune between his three children.
Ms Bennett, now Australia's second richest woman, and Michael Wright each got one third, with another brother Julian's stake split between Michael Wright and Ms Bennett and an 11 per cent stake held in trust for Julian's children Tim and Natalie Wright.
In 2002, Tim and Natalie Wright, launched a lawsuit against Ms Bennett and Michael Wright, claiming they were being denied access to that stake and the growing royalty stream that came with it.
The pair had argued in the West Australian Supreme Court that they were entitled to 11 per cent of Wright Prospecting, which in 1983 split the lucrative Pilbara royalty stream with Hancock Prospecting, now owned by Hancock's daughter, Gina Rinehart.
Ms Bennett and Michael Wright, a businessman, are estimated to be worth $700 million each, with their fortunes largely built on the royalty streams inherited from their father.
Although details of yesterday's settlement are confidential, litigation funder IMF Australia said last night its success fee was $22 million. IMF typically takes a 30-40 per cent share of winnings.
It is unclear whether Tim and Natalie will retain any future rights to royalties to Wright Prospecting after the settlement. However, the move by Ms Bennett and Michael Wright to settle out of court will leave them free to pursue other battles over their father's Pilbara legacy.
They are also locked in a legal fight with Ms Rinehart over her 25 per cent interest in the Rhodes Ridges iron ore deposit in the Pilbara, one of the best untapped prospects in the world. Rio owns 50 per cent of the deposit, with the balance in dispute between Hancock Prospecting and Wright Prospecting.
The winner would secure millions more dollars in royalties every year.
CFE Price at posting:
19.3¢ Sentiment: None Disclosure: Not Held
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