Two of Australia’s biggest banks are backing Gina Rinehart’s favourite lithium miner Liontown Resources,signalling confidence in a pummeled sector.
Battery minerals specialist IGO will close its Cosmos nickel mine in WA’s Goldfields before it is fully complete,slashing 400 jobs.
The critical minerals party music has now stopped,and the mop-up is ugly.
Normally,the saying is you need money to make money,but in WA it seems you need ore to make more – and keep a close watch on China,costs and the energy transition.
The lithium aspirant’s shareholders have endured a chastening session on the market after its share price crashed 32 per cent on the back of a heavily discounted $1.1 billion fundraising.
US chemical giant Albemarle has pulled the pin on its proposed takeover of Liontown Resources in the face of a series of raids by Australia’s richest person,Gina Rinehart.
Mining magnate Gina Rinehart has boosted her holdings in the Western Australian miner to just below the 20 per cent takeover threshold.
The billionaire has now dethroned the lithium miner’s chair as its largest shareholder,becoming a critical player in Albemarle’s looming $6.6 billion takeover.
Billionaire Gina Rinehart has wrangled a stake in Liontown Resources which could afford her the power to disrupt US giant Albemarle’s $6.6 billion takeover.
The billionaire mining magnate is exhibiting a mean poker face as she tries to deal herself into Albermarle’s $6.6 billion takeover of Liontown.