Australia's Mineral Resources raises stake in lithium miner Azure Minerals (updated)

Azure Minerals

03/11/2023 10:20

(Adds details and background in paragraphs 2-6)
       Nov 3 (Reuters) - Australia's Mineral Resources (MinRes)
 MIN.AX  on Friday bought additional shares in lithium miner
Azure Minerals  AZS.AX , raising its stake to 12.29%.
    This comes a week after Hancock Prospecting, an iron ore
miner owned by Gina Rinehart, Australia's richest person, built
up an 18.3% stake in Azure.  
    Hancock has previously threatened to torpedo a buyout deal
worth A$1.63 billion ($1.05 billion) by Chile's SQM  SQMA.SN 
for Azure.   
    SQM, Azure and MinRes did not immediately respond to a
Reuters request for comment.  
    Minres is constantly scaling up its stake in lithium miners,
with the company previously buying shares worth A$158.7 million
in Wildcat Resources  WC8.AX , bumping up its holding to 19.85%.
    Emerging Australian lithium companies are seeing a surge in
buyouts as their lower valuations and cash needs attract some of
the world's top producers of the battery material and other
suitors who are racing to secure supplies. 
    In October, Albemarle  ALB.N , the world's top lithium
chemicals maker, ditched its $4.2 billion bid for Liontown
Resources  LTR.AX  amid "growing complexities", after Hancock
popped up on Liontown's register with a 19.9% stake.
        
  
    
  


($1 = 1.5528 Australian dollars)

 (Reporting by Nausheen Thusoo in Bengaluru; Editing by Sonia
Cheema)
 ((Nausheen.Thusoo@thomsonreuters.com;))