Hancock acquires 18% stake in SQM takeover target Azure
Hancock Prospecting, a company controlled by Australian billionaire Gina Rinehart, has taken an 18% interest in Azure Minerals, the company reported on Friday.
This comes a day after Chilean chemical titan SQM announced it would buy shares that it did not own in Azure for $900-million.
Rinehart’s Hancock recently countered an acquisition attempt by world-number-one producer Albemarle, targeting ASX-listed Liontown Resources. Speculation in Australian newspapers suggests that Rinehart may be exploring strategies to impede SQM’s potential takeover of Azure.
Hancock noted that while Andover showed good prospects, it still had a long path and significant risks to navigate before its ultimate potential was known.
“Hancock is an established Western Australian company with the capacity to support and expedite development,” it said in a statement.
Hancock also noted that its investment focus was long term, pointing to its history of partnerships across resources and agriculture, including at Roy Hill, Hope Downs, S Kidman & Co and multiple early-stage exploration projects with a range of other partners.
Azure’s stock traded at A$3.50 a share on Friday. SQM presented Azure’s board with an offer of A$3.52 a share.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation