The Court held that WPPL was entitled to a 50% share of Revenue Royalties paid by Hamersley to HDIO under the 1987 Partnership Agreement, construing 'Hope Downs tenements or projects' broadly to encompass all sections of ML 282SA including the East Angelas areas. Rhodes succeeded in equity (but not contract) for royalties on HDIO's 50% share of Hope Downs Product from sections 3-7 of ML 282SA, the Court finding that a fiduciary relationship arose from the 1969 Agreement and that HPPL breached the conflict and profit rules by entering the Co-operation Agreement without securing Rhodes' royalty entitlement. WPPL's proprietary claims to the East Angelas exploration licences failed, with the Court finding HML/HRL held those licences on trust for HPPL (not the Partnership), and WPPL's alternative equitable claims were barred by acquiescence and laches. Bianca Rinehart and John Hancock's defence that HML/HRL held full beneficial title to the tenements (rather than on trust for HPPL) was rejected, defeating their constructive trust claim premised on Gina Rinehart's alleged breach of fiduciary duty as HFMF trustee.
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