Hancock, Wright trial in Perth called off

Gina Rinehart's Hancock Prospecting has reached a settlement with Wright Prospecting over access to their joint venture documents.

Wright had alleged Hancock, the managing partner, had refused to hand over their JV documents.

Wright lost access to the records after an office move several years ago.

The matter had been listed for a civil trial in the Supreme Court of Western Australia lasting up to four days.

But after negotiations on Monday, which was to be the first day of the trial, the companies have reached a confidential agreement.

The trial was called off on Tuesday morning before any submissions were made to court.

Company founders Lang Hancock and Peter Wright teamed up to explore for iron ore in WA's Pilbara region in the late 1950s, working under an informal arrangement until 1978, when they formalised their partnership.