Mining News
Billionaire Rinehart's Hancock Prospecting buys Liontown shares, might seek board seat
Sept 11 (Reuters) - Australian billionaire Gina Rinehart's Hancock Prospecting said on Monday it has picked up a stake in lithium miner Liontown Resources, which recently accepted a buyout bid from Albemarle.
Hancock said it has become a "substantial shareholder" of 7.72% of the ordinary shares in Liontown.
Liontown's shares jumped to a session high of A$3.03 last Thursday, highest since June 22 and above Albemarle's buyout offer price of A$3.00 per share.
Liontown had backed the buyout offer from Albemarle, the world's largest lithium producer, which valued the company at about A$6.61 billion ($4.25 billion).
Hancock said on Monday that in the future it may seek a position on Liontown's board.
Australia's richest person Rinehart already had a 4.9% stake in Liontown, which was just under the "substantial" threshold.
Rinehart owns shares in lithium companies such as Patriot Battery Metals and Delta Lithium, in line with her recent focus on the sector, while expanding beyond iron ore.
(Reporting by Rishav Chatterjee in Bengaluru; Editing by Shounak Dasgupta)
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