Nippon Steel hires Mike Pompeo to advise on US Steel deal
Nippon Steel also faces objections from the powerful United Steelworkers (USW) union, which fears the deal could lead to job losses.
The High Court in Perth, Australia, rejected Thursday Gina Rinehart’s final bid to claw back a stake in the Rhodes Ridge project, one of Australia’s most valuable undeveloped iron-ore deposits, located in the Pilbara region.
The decision means that work on the vast deposit can now proceed, with Rio Tinto (ASX:RIO) and partner Wright Prospecting as the owners in a 50/50 deal.
The long-dragged dispute between Hancock Prospecting against Wright Prospecting, owned by a former business partner of Rinehart’s father, goes back to the ‘80s.
Rinehart’s father, Lang Hancock, and partner Peter Wright signed then a deal to divide their assets in an effort to avoid what ended up happening: legal battles between their heirs when they died.
The parties remain caught in another court battle over three of the six Hope Downs iron ore tenements, a venture also partially owned by Rio Tinto.
