Two of Australia’s biggest banks are backing Gina Rinehart’s favourite lithium miner Liontown Resources, signalling confidence in a pummeled sector.
Two of Australia’s biggest banks, the country’s leading export credit agency, and a clean energy financier are backing billionaire Gina Rinehart’s favourite lithium miner Liontown Resources with a $550 million loan, signalling confidence in a pummeled sector.Evan Collis
Run by chief executive Tony Ottaviano, Liontown is nearing completion of its lucrative $1 billion Kathleen Valley high-quality hard-rock lithium deposit in the middle of Western Australia. Earlier this year, the company said its syndicate of lenders remained “highly supportive” of Kathleen Valley and that it had started negotiations for a smaller revised debt centred around deferring parts of the mine’s expansion.China yuan currency prices for lithium spodumene have tumbled more than 80 per cent between November 2022 and now after demand for lithium batteries, the driving force behind the global electric vehicle wave, hit the shoals of slowing global EV customer growth.
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