Support from the richest Australian was Vulcan Energy’s best protection against an activist, short-selling campaign. But even Gina Rinehart joined the sell-down.
Billionaire Gina Rinehart sold more than $10 million worth of shares in lithium aspirant Vulcan Energy according to a market filing that provides the first insight to her view of a high-profile, activist campaign against the company.
Mrs Rinehart’s ability to use her wealth to buy more Vulcan shares and protect the value of her existing stake was viewed as the major tactical risk for short-sellers betting that Vulcan shares would fall after they rose 79-fold between May 2020 and September 2021. Vulcan has ambitious plans to generate two revenue streams in Germany’s Rhine Valley sometime after 2024, by extracting hot, salty groundwater and using it to generate geothermal energy before extracting the lithium that occurs naturally in the groundwater.
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