Mining magnate Gina Rinehart has boosted her holdings of the lithium star to just below the 20 per cent takeover threshold.
Australia’s richest person, Gina Rinehart, is now the largest shareholder on lithium star Liontown Resources’ register, having seized a controlling 19.9 per cent stake in just one month that gives her a commanding say over the miner’s future.
Hancock’s sizeable presence and the company’s talk of contributing to Liontown’s future and seeking a position on the board will become a critical factor for US chemical giant Albemarle’s intended takeover of the miner and its lucrative high-quality hard-rock lithium deposit in Kathleen Valley, in the middle of Western Australia.
On Wednesday, the company said in a statement: “Hancock now looks forward to having a prominent influence on Liontown’s future, as its largest shareholder.”Rinehart’s gatecrashing of Albemarle’s takeover party is part of a global race to control lithium, a key component in modern home and grid batteries used to store the renewable energy generated from wind and solar or to power electric cars.
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