Gina Rinehart's Hancock became a substantial shareholder earlier in September and now owns 10.7%
Hancock Prospecting, owned by Australia’s richest person Gina Rinehart, said on Tuesday it could help Liontown Resources build its lithium mine, after raising its stake in the developer that has accepted a buyout bid from Albemarle.
Liontown controls two major lithium deposits in Western Australia, including its flagship Kathleen Valley project, which is among the world’s largest and highest-grade hard rock lithium deposits, slated to start production in mid-2024. “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,” it said in a statement to Reuters on Tuesday.
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