Gina Rinehart's Hancock Prospecting has withdrawn from a $15million sponsorship deal with Netball Australia after players boycotted the company's logo.

It is understood that Donnell Wallam, the first Aboriginal player to represent the Diamonds in 20 years, privately raised concerns about the association with Ms Rinehart's father.

Iron ore magnate Lang Hancock, who died in 1992, said some Aboriginal people should be sterilised.

It has been reported that other players asked the logo not be included on the team uniform in solidarity with Ms Wallam.

On Saturday Hancock Prospecting issued a statement announcing they would be withdrawing from the sponsorship deal.

"Hancock Prospecting and (Hancock majority-owned) Roy Hill regrettably withdraw Netball support, but will offer short term funding to give Netball the opportunity to arrange an alternative sponsor," the company said.

The company statement said Hancock's proposed sponsorship would have enabled an increase in wages for the players which would not have otherwise been possible given Netball Australia's financial situation.

"Hancock, and similarly Roy Hill, embarked on these proposed partnerships in good faith and on the basis of representations and its resulting understanding that Netball Australia and the sport's key stakeholder groups including the Australian Diamonds, were united in their support of one of West Australia's preeminent mining companies becoming their principal sponsor.

"Hancock has not insisted that its name be worn by the Australian Diamonds in the current Constellation Cup series when overseas, and was advised that the netballers had no concerns in wearing the name on the team dress for the series.

"Hancock has advised Netball Australia that it has withdrawn from its proposed partnership effective immediately."

Roy Hill will also be discontinuing its sponsorship arrangement with Netball WA to be the principal partner of the West Coast Fever.

"Hancock and Roy Hill have advised Netball Australia and Netball WA respectively, that it will instead provide a 4-month sponsorship should they and their players wish to accept it, to continue funding the athletes and to help Netball as it arranges alternative funding and sponsorships," the company said.

Netball Australia sources have reportedly said the concern regarding the company's logo was not related to climate change.

Netball Players Association head Kathryn Harby-Williams told The Australian that the players have a "sisters in arms" philosophy.

"The team did not want their teammate... to have to make her debut for Australia wearing a different uniform," she said.

Ms Rinehart is one of the biggest private sponsors in Australian sport.

Her company was set to contribute $15million over four years to Netball Australia.

"Initiatives that promote the health and wellbeing of indigenous Australians, fund services in remote and rural communities, encourage participation in education and art, are funded by Hancock and Roy Hill, and many other industry participants," the company statement said.

The companies have funded a number of Indigenous education scholarship programs.

"Hancock and Roy Hill (have) contributed well in excess of $300million to Indigenous Australians in the form of royalty payments over the past seven years alone. Royalty payments represent only one part of our contribution to Indigenous Australians, with our wider engagement extending to providing jobs, training, business opportunities and supporting a wide range of health and cultural programs, which make a real difference."