Western Australia’s mining billionaires are scrambling for the state’s new gold rush: lithium.
Gina Rinehart might be known as a climate sceptic, but Australia’s second-richest person knows when there is “green” dollars to be made from digging things out of the ground.who are in a mad scramble for the state’s vast deposits of lithium – the metal dubbed “white gold” due to its market value and silver colour.Its value lies not in its scarcity, but in the booming demand for the lightest of metals.
“My government is committed to transforming Australia into a renewable energy superpower and harnessing the critical minerals we have at home is crucial to achieving this,” Albanese said in Washington. Galaxy Resources, which later merged with Orocobre to former global giant Allkem, rose more than 500 per cent over the same period. Pilbara Minerals rose more than 600 per cent.Credit:It underlines why some of Australia’s richest people are trying to build controlling stakes in lithium miners, big and small, despite the price of lithium plunging this year on fears that a production surge in places such as China and Australia could lead to a glut.. Her 19.
Flanagan, until recently the chairman of Delta and its soon-to-be-ready Mt Ida project – south of Liontown’s Kathleen Valley deposit – departed after another local mining billionaire, Chris Ellison, snatched up a 17 per cent stake in Delta and effectively took control. Rinehart’s Hancock Prospecting also has a substantial stake in lithium explorer Vulcan Energy. But after outlaying close to $1 billion through Hancock Prospecting on Liontown, it’s definitely her largest investment so far.
The $11 billion MinRes is already riding the lithium boom thanks to its two large operating lithium mines. In a market update this month, it signalled that the 50 per cent drop in lithium prices had not dimmed its long-term view of the sector.“Longer term, market fundamentals for lithium remain strong as EV adoption continues to rise on supportive government policies and supply shortfalls requiring further investment,” it said.
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