Iron ore billionaire’s lithium raid leaves investors guessing

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Iron ore billionaire’s lithium raid leaves investors guessing
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Gina Rinehart, Australia’s richest woman, has muscled in on one of the largest battery-metals deals to date, building a near-17% stake in Liontown Resources Ltd. and threatening its A$6.6 billion takeover by US giant Albemarle Corp.

Other Western Australian tycoons are following a similarly green path, most notably Fortescue Metals Group Ltd. founder Andrew Forrest, who has embraced hydrogen. Liontown, coveted for its promising Kathleen Valley lithium project, announced in early September that it would support an improved offer from Albemarle, after a months-long pursuit. Rinehart’s privately-held Hancock Prospecting Pty., which had already been buying stock, followed days later with the announcement that it had built up a share of just over 7%, raising that progressively to perilously close to a blocking minority.

She is not, however, known for her green credentials. A vocal skeptic, she criticized school curriculums in a 2021 speech for teaching the science of human-induced climate change.

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