MINING billionaire Gina Rinehart's son John Hancock says he has all the bad things associated with wealth and none of the good, cut off from the family fortune years ago.

Mr Hancock, who is locked in a legal battle with his mother, along with his sisters Bianca Rinehart and Hope Welker over the family trust, said he had not received any money "for many years."

"It'd be nice if I was (receiving money) but I have all the bad things about having money and none of the good things," he told ABC TV's Four Corners.

The grandson of mining magnate, the late mining magnate, Lang Hancock, who discovered vast reserves of iron ore in the West Australian Pilbara, said he was bound by various agreements under the trust's conditions.

Reporter Adele Ferguson, who recently penned an unauthorised biography of Ms Rinehart said the children aren't allowed to disparage her publicly under trust agreements.

Ms Rinehart's children, except her youngest daughter Ginia, are fighting her decision to extend her trusteeship of the trust without their knowledge, until 2068 in the federal court.

Mr Hancock said neither he nor his sisters were not getting any money from the Hope Downs project, which Ms Rinehart entered into a joint venture with Rio Tinto in 2005.

Ms Rinehart refused to appear on the program but in a lengthy statement made on behalf of Hancock Prospecting Pty Ltd said the arrangements under the Hope Downs deed were confidential to the parties.

"The provision of any non-public information by any party to that deed in relation to commercial transactions under the deed would represent a breach of the deed," the statement to ABC TV said.

Mr Hancock who is living overseas said the situation with his mother was "quite hurtful" and he was working with the help of friends in Asia to make a better living.

"There's very little other choice for me at the moment, so I think when your back's up against the wall, you just have to come out fighting," he said.

"The new trustee will have a duty and responsibility to go back and examine the history of the administration of the trust."

Rinehart hoped to be Fairfax white knight

Gina Rinehart says her company Hancock Prospecting may sell its interest in Fairfax Media if "suitable conditions" aren't offered to it.

In a written response to ABC TV on behalf of Hancock Prospecting Pty Ltd (HPPL), Ms Rinehart said she had hoped to be a saviour to Fairfax, which had witnessed the declining circulation of its three major mastheads for the past five years.

"Fairfax share price has also declined significantly, some approximately 90 per cent," Ms Rinehart said.

"HPPL had hoped that Mrs Rinehart may be viewed by the (Fairfax) Board as a successful business person and a necessary 'white knight' with mutual interest in a sustainable Fairfax."

The multi-billionaire has previously confirmed she has an 18.7 per cent stake in the media company and would have to launch a formal takeover offer if her holding went above 19.9 per cent.

She is believed to be seeking three seats on the Fairfax board and the right to make editorial decisions, including on the hiring and firing of editors.

But in the response posted on ABC online, Ms Rinehart said unless a director position was offered "without unsuitable conditions" HPPL would be unable to help Fairfax.

"HPPL may hence sell its interest, and may consider repurchasing at some other time," she said.

When asked about her role hiring the conservative News Limited columnist Andrew Bolt for a talk show on Channel 10, she said his program was "very popular in country areas".

"Unfortunately many country areas are unable to receive Channel 10."

Former adviser to Ms Rinehart, Michael Yabsley says there is no doubt the billionaire wants the influence of owning media interests.

"The media has always driven her nuts," Mr Yabsley told ABC TV.