Australian mining tycoon tries, and fails, to keep mining companies off his land
Australian mining tycoon Andrew Forrest appears to have lost his battle against mining firm Onslow Resources.
The West Australian is reporting that a court has shut down Forrest's bid to stop the company from sand mining on his family's cattle station, Minderoo.
Onslow Resources has received conditional approval for the operation, the West Australian reports.
Forrest cited environmental concerns as his reason for opposing the operations. He also says the mining would negatively effect pastoral livelihoods.
Forrest can appeal the decision to the Supreme Court.
The mining magnate is fighting other mine projects on his land as well: A proposed uranium mining venture and Chevron's nearly $20 billion Wheatstone LNG project.
Under Australian law landowners only own the top meter of soil, "everything underneath, that is owned by the people of Australia," a resource analyst told the South China Morning Post last year.
The 52-year-old tycoon is worth about $5 billion, according to Forbes – a fortune he derived while heading iron ore company Fortescue Metals. He and his wife have pledged to give at least half their wealth to charity as part of Bill Gates' Giving Pledge foundation.