Name: Gina Rinehart’s Liontown stake balloons as share raid continues ahead of Albemarle takeover
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Gina Rinehart’s Liontown stake balloons as share raid continues ahead of Albemarle takeover

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Gina Rinehart’s Liontown stake balloons as share raid continuesWe’re sorry, this feature is currently unavailable. We’re working to restore it. Please try again later.Advertisement , register or subscribe to save articles for later.Add articles to your saved list and come back to them any time.AdvertisementBillionaire Gina Rinehart is continuing her raid on lithium miner Liontown Resources’ stock, dethroning its chair as the largest shareholder and becoming a critical player in Albemarle’s looming takeover.On Friday, Rinehart’s company Hancock Prospecting confirmed it had acquired further shares in the lithium prospector, taking its stake from 14.67 per cent to 16.7 per cent.The mining magnate has embarked on an aggressive share-buying spree over the past month, dropping almost $1 billion in a series of transactions that have seen her stake eclipse that of chair Tim Goyder.In doing so, Australia’s richest person has positioned herself as a critical player in the planned $6.6 billion takeover by the US chemicals giant.Hancock’s decision to lift its “strategic stake” comes as Albemarle enters the final days of its due diligence ahead of a vote on its takeover offer, which includes running the ruler over Liontown’s lucrative early-stage Goldfields lithium project.It also coincides with news the cost of its flagship project, located 680 kilometres north-east of Perth, had grown by $56 million to $951 million, as had the mine operation costs.The hard-rock lithium deposit has been hailed among the most promising in the country, with Liontown having already locked in supply deals with the likes of Ford and Tesla.But Hancock Prospecting has persistently stressed the project carries “significant execution, operational ramp-up and market risks” while talking up its own credentials and its capacity to offer guidance.In a statement, the company said it welcomed the opportunity to participate in the Kathleen Valley project as a shareholder, and have an influence on the prospector’s direction.AdvertisementWhile the company indicated it did not intend to put forward any director nominations at Liontown’s next Annual General Meeting, it said it remained “open” to nominating directors to the board in the future, flagging the possibility its stake may continue to balloon upwards of 19 per cent.Liontown’s board had voiced its intention to unanimously recommend shareholders vote in favour of the chemicals giant’s takeover bid, provided it did not receive a superior proposal.However, WAtoday understands Hancock’s shareholding could be enough to block Albemarle’s scheme of arrangement.The bid was the third levelled by Albemarle and comes as electric vehicle manufacturers continue to wrangle for security of the raw material.Liontown’s shares are still sitting around the $3-per-share mark, giving the company a market capitalisation of $6.62 billion.Start the day with a summary of the day’s most important and interesting stories, analysis and insights. Sign up for our Morning Edition newsletter., register or subscribe to save articles for later.License this articleJesinta Burton – is a journalist with WAtoday, specialising in civil courts, business and urban development.Advertisement

Gina Rinehart’s Liontown stake balloons as share raid continuesWe’re sorry, this feature is currently unavailable. We’re working to restore it. Please try again later.Advertisement , register or subscribe to save articles for later.Add articles to your saved list and come back to them any time.AdvertisementBillionaire Gina Rinehart is continuing her raid on lithium miner Liontown Resources’ stock, dethroning its chair as the largest shareholder and becoming a critical player in Albemarle’s looming takeover.On Friday, Rinehart’s company Hancock Prospecting confirmed it had acquired further...

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Jesinta Burton

watoday.com.au

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Gina Rinehart’s Liontown stake balloons as share raid continues ahead of Albemarle takeover

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