Her newest acquisition has positioned Rinehart above Liontown chairman Tim Goyder, who was the corporate’s largest shareholder for years with a stake that presently stands at 15%.
Albemarle, the world’s high lithium producer, has been after Liontown for months, because it has been searching for to safe provides of the important thing electrical automobile battery steel. Its first try to purchase the Perth-based firm was rejected in March.
Albemarle is because of full 4 weeks of due diligence on Liontown Friday, which suggests the US-based miner would be capable to announce within the subsequent few days whether or not it can push forward with the takeover.
The takeover of Liontown would hand the US-based miner the Kathleen Valley lithium deposit, situated 680 km north-east of Perth in Western Australia’s premier mining district.
The asset is taken into account one of many world’s largest and highest-grade laborious rock lithium deposits, with a mineral useful resource estimate of 156 million tonnes at 1.4% lithium oxide and 130ppm tantalum oxide.
Liontown already has provide agreements with Tesla and Ford Motor, in addition to with South Korean-based LG Vitality Resolution.
The Kathleen Valley mission, on monitor to start business manufacturing in mid-2024, is forecast to initially produce round 500,000 tonnes a 12 months of spodumene focus increasing to 700,000 tonnes yearly in six years.
Rinehart owns shares in different lithium producers corresponding to Patriot Battery Metals (ASX, TSX: PMT) and Delta Lithium (ASX: DLI), however the principle focus of her funding is iron ore.
