The trust has been at the heart of a bitter battle that posed iron ore magnate Gina Rinehart and two of her daughters, Ginia Rinehart and Hope Rinehart, against her son John Hancock and daughter Bianca.

Hancock Prospecting is the ultimate holding company of Hope Downs Iron Ore, which underlies the value of the trust.

Gina, who earlier stepped down as trustee, has also been ordered to pay John and Bianca’s costs.

One of the matters before Justice Paul Brereton was, in essence, over who should replace Gina as trustee – Bianca, or an independent company as Gina wanted.

Brereton ruled that “while Bianca’s appointment is not ideal, in particular because she is a beneficiary, with consequent potential for a conflict of interest and duty, and that she does not have the knowledge and experience of a professional trustee, it is far less unsatisfactory then the alternatives.

“Her appointment also accords with where the predominant weight of the wishes of the beneficiaries lies.”

The trust was set up by Gina’s father Lang Hancock in 1988. It was to vest when the youngest of Gina’s children turned 25 in 2011.

Gina had a letter sent to the trust beneficiaries – her children – from Hancock Prospecting chief financial officer Jay Newby warning of significant capital gains tax liabilities and other risks with the trust. That was sent three days before the trust was to vest.

The next day she moved to amend the trust to extend the vesting date of the trust to July 1 2068. By that time the youngest of her children, Ginia, would be in her 80s.