An Australian billionaire just took a stake in a mining asset that lithium miner Albemarle is trying to acquire. Hancock Prospecting's agenda remains a mystery.
Privately held Australian miner Hancock Prospecting announced Wednesday it had acquired a 19.9% stake in Liontown Resources , which Albemarle is trying to acquire. The drama of the largest lithium miner in the world trying to swallow a smaller rival now has another actor in the scene, and investors can’t be sure of Hancock’s intentions.
Hancock didn’t immediately respond to a request for comment about its goals. Albemarle and Liontown didn’t immediately respond to requests for comment, either.Liontown stock is down 2.7% in overseas trading at 2.92 Australian dollars each. Another option is the deal happens at $3 and Hancock, which makes most of its money in iron ore, is happy to be a partner with Albemarle in the future.
Albemarle, for its part, is interested in growing its base of low-cost lithium assets around the globe. That’s the reason it’s after Liontown. Hancock’s regional and mining expertise along with its capital could help Albemarle in the long run. It’s just too early to tell if Hancock is making a play fro its own lithium business or wants something else.
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