The billionaire mining magnate has dropped another $132 million to bolster her stake, wrangling more power ahead of Albemarle’s planned $6.6 billion takeover.
it had spent half a billion dollars acquiring a critical 7.72 per cent stake in the lithium prospector.
Hancock Prospecting said its strategic stake had been acquired at an average rate well below that level amid tumbling lithium prices, a move in line with its “long-term approach” to investments. Liontown has already inked supply deals with the likes of Ford and Tesla for Kathleen Valley, a hard-rock lithium deposit hailed among the most promising in the country.
“Hancock can provide Liontown with the opportunity to manage its project execution and operational ramp-up risks where it is of value – and particularly in light of the inflationary market pressures that are creating challenges for project delivery across Australia,” the company said.
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