Hancock boss Gina Rinehart
PERTH (miningweekly.com) – Gina Rinehart’s Hancock Prospecting has confirmed it has become a substantial shareholder in takeover target Liontown Resources.
Hancock Prospecting this week confirmed it has taken a 7.72% interest in Liontown, providing the company with a "strategic stake" and giving Liontown the opportunity to leverage Hancock’s expertise where it is of value to support the development of the Kathleen Valley lithium project, the company said.
“Hancock can contribute to Liontown’s future direction alongside other Liontown shareholders, including in relation to potential investment opportunities for downstream value add in Western Australia,” Hancock said in a statement.
“Hancock may also seek a position on Liontown’s board.”
US critical minerals major Albemarle this week announced the start of due diligence research into Liontown, with the company previously announcing its intention to make a A$6.6-billion bid for Liontown, tentatively offering A$3 a share in cash for the ordinary shares outstanding in Liontown.