What's Gina Rinehart's next move in lithium after derailing the Liontown takeover?
US giant Albemarle may have walked away from Liontown Resources, but what's Gina Rinehart's next play?
Now that old world iron ore billionaire Gina Rinehart has shown she is serious about getting her hands on new-economy commodities, everyone wants to know what her next move is.
Rinehart successfully derailed US chemicals giant Albemarle's $6 billion takeover of ASX-listed Liontown Resources last week after a series of sharemarket raids left her with a 19.9% blocking stake in the company. It was her biggest move into lithium and unlikely to be her last.
Lithium has become increasingly important strategically due to its use in electric vehicle batteries. Mining industry sources told Capital Brief they expect Rinehart's Hancock Prospecting to work with Mineral Resources to ensure Liontown's lithium processing stays in Australia rather than moves offshore.
MinRes has a 50/50 joint venture with Albemarle to ship lithium from their Wodinga operation in the Pilbara from Port Hedland, while MinRes also has a port and rail agreement with Hancock and iron ore miner Roy Hill to potentially ship product from another terminal at Port Hedland. The project requires approvals, agreements, and a final investment decision by MinRes and Hancock.
