Wright Prospecting splashes another $300m in iron ore dividends on Peter Wright’s heirs

The family of Lang Hancock’s exploration partner have pocketed another $300 million in iron ore royalties as work progresses on a joint development of the rich Rhodes Ridge deposit in the Pilbara with Rio Tinto.

New fillings for Wright Prospecting show the family company lifted its royalties-driven profit nearly 18 per cent to $277.2m in the 2024 financial year, almost all of which was paid out in dividends.

Wright Prospecting reaps a lucrative royalties stream from Rio Tinto mines established on tenements pegged by Mr Hancock and Peter Wright in the 1960s.

The company is owned by Mr Wright’s billionaire daughter Angela Bennett and two of the daughters of her late brother Michael Wright, Leonie Baldock and Alexandra Burt.

The filings show $263m in dividends were paid during the financial year, up from $238m the previous year, with another $44m paid since June 30.

“The group recorded increased revenues from royalties and its interest in the Hancock & Wright partnership largely due to increased underlying production during the year,” Wright Prospecting said.

Royalty income rose 18 per cent to $192.2m and its revenue share from the Hancock & Wright partnership added 11 per cent to $223.6m.

Two years ago, Wright Prospecting and Rio Tinto unlocked the long-stalled Rhodes Ridge project in the Pilbara by agreeing to modernise their 50-year-old joint venture and begin studies to bring it into production before 2030.

The development stands to catapult Peter Wright’s already super wealthy heirs into the league of Australia’s uber rich.

Rhodes Ridge, about 40km north-west of Newman, is both very large and high grade, with Rio previously admitting it has the potential to become the mainstay of its Pilbara iron ore business.

Rio plans to spend more than $400m on exploration over five years from 2024 to 2028 as part of it assessment of Rhodes Ridge, which would produce as much as 100 million tonnes of iron ore a year.

Pre-feasibility studies on the project are due to be completed in 2025.