Mystery settlement boosts Wright Prospecting profit

Financials lodged by Wright Prospecting have divulged another solid profit for the iron ore royalties outfit, as well as the receipt of a $75 million legal settlement.

The private Perth-based entity - controlled by descendants of mining entrepreneur Peter Wright – reported a $295.16 million profit for the 2021-2022 financial year.

Dividends for the period, which stem mostly from royalty payments on land occupied by Rio Tinto mines were $345 million.

The latest financials for the company also revealed it had received $75 million relating to a legal settlement, boosting its bottom line further.

The payment helped make up for a weaker iron ore price during the year.

Wright Prospecting did not disclose any details on the matter, however, it has been engaged in a number of ongoing legal disputes.

The parties had been engaged in a long-running legal battle over ownership of the Rhodes Ridge tenements, but that was won by Wright in 2014.

Last month, Wright and Rio Tinto struck a deal to develop their 50:50 joint venture covering the Rhodes Ridge project a major new, high-grade iron ore mine.

The project will add to the fortunes of members of the Wright family, including Angela Bennett, Alex Burt and Leonie Baldock.

Wright and Hancock (and a third family company, DFD Rhodes), are still believed to be enmeshed in a legal dispute regarding some of the Hope Downs deposits, but that does not affect Rhodes Ridge.