Wright Prospecting reaps bumper profit on iron ore recovery

The descendants of Pilbara pioneer Peter Wright enjoyed a $172 million dividend in 2018-19, as the company which collects royalties from the iron ore tenements he pegged with Lang Hancock in the 1960s saw profits leap on higher prices and lower legal fees.

Wright Prospecting, which is owned by Wright's daughter Angela Bennett and two of the daughters of her late brother Michael Wright, Leonie Baldock and Alexandra Burt, made a $160.6 million net profit after tax in the year to 30 June 2019, up from $127.4 million the year prior.