Mining magnate Gina Rinehart has been in discussions with her estranged son to give away half of her fortune to charity as part of the settlement conditions of a lengthy legal battle over the family wealth.
Mrs Rinehart, who is estimated to be worth $14 billion, raised her desire to donate a ‘significant portion’ of her estate as part of the complex legal settlement with her children.
Details of the proposed settlement have not been revealed but Mrs Rinehart and her son John Hancock have both indicated a charitable initiative should be included.
‘Mrs Rinehart discussed her desire to leave a significant portion of her estate for the benefit of Australian charitable causes, with a special focus on continuing existing charitable works including for northern Australia,’ a spokesman for her company, Hancock Prospecting, told Daily Mail Australia.
‘There was also the ability to continue supporting Mrs Rinehart’s existing charitable works in Asia.
‘However, regrettably after agreeing to sign a confidential settlement, and advising that he would sign, John Hancock then chose not to follow through. The agreement John said he would sign remains available to be signed.’
The percentage of wealth to be donated and specific charities have not been revealed by Mrs Rinehart.
‘We have had discussions and we are aligned the charity should only be Australian causes with a focus on northern Australia,’ he told the newspaper.
‘I have endeavoured for years to come to a global settlement, including succession issues and how things including a charitable foundation will look in the future.’
Mr Hancock and his sister Bianca Rinehart won a long-running case against Mrs Rinehart to gain control of the $4 billion family trust last month.
The family fortune dispute is still ongoing in the Federal Court as her children claim she wrongly removed two multi-billion dollar mines from the family trust, including Hope Downs and Roy Hill.
Mr Hancock denied agreeing with his mother to sign the settlement.
Mrs Rinehart has donated privately to various charities in the health and community sector across northern Australia. She remains a supporter of the Australian swimming team.