Len Buckeridge, who died earlier this year, amassed his fortune from the building industry. During a segment to announce the award at the AMEC conference, Mrs Rinehart said: "We need people and we have some who are prepared to be unpopular, or very unpopular, in some areas of our media. We need people who are willing to be leaders, despite the detractors, to say things that should be heard, not avoided, in the interests of our ­industry and our country." Mrs Rinehart's company Hancock Prospecting is the largest shareholder in Fairfax Media. The ­recipient was promised $50,000, of which $30,000 was required to be used for "standing up" for the mining ­industry. The winner could use the remaining $20,000 as they wished. The prize was to be awarded at the same event one year later in ­September 2013, but the pledge was overlooked.

Shortly before the conference was due to begin, a Hancock Prospecting representative said the company had run out of time to organise the prize and sort out the conditions attached to it. "It's not postponed indefinitely," the representative said. "We'll hand it out next year instead." The 2014 AMEC conference is due to start next week and, once again, there is no $50,000 award scheduled. AMEC chief executive Simon ­Bennison said he presumed the award would be handled in the same manner as the association's other award categories at the annual event, with similar judging and assessment processes. But he said there appeared to be a ­difference of opinion over how the award's selection would be made.

"We weren't aware that was going to be a problem, obviously. That caught us by surprise," he said. "We really haven't heard from them so we just let it go." According to Hancock Prospecting, the pledge has been fulfilled. Two months after the AMEC 2013 conference, Mrs Rinehart launched the inaugural National Mining and Related Industries Day, which was held in ­Brisbane in November 2013. Billionaire construction magnate Len Buckeridge, who died this year, won the event's inaugural award, ­complete with cash prize. He was ­chosen because of his "long-term­ ­contribution to the sector". "Mr Buckeridge delivered a great acceptance speech and was very happy with the award. There was stiff ­competition in the judging and Mr Buckeridge received the cheque and award at the event," a Hancock ­Prospecting spokesman said.

"As AMEC is well aware, there was an unfortunate inability to come to terms with the offer, despite best ­intentions and endeavours of Hancock Prospecting CEO Tad Watroba, but the prize is still being awarded in the industry." Mrs Rinehart's assets were valued at $US17.7 billion ($18.9 billion) by Forbes earlier this year, which is more than $US10 billion more than Australia's second-wealthiest person, Visy Industries chairman and chief executive Anthony Pratt. Mr Buckeridge had $US1.2 billion worth of assets at the time of his death. This made him the 19th wealthiest ­person in Australia at the time. Follow us on Twitter @BusinessDay