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

Azure Minerals

31/10/2023 10:14

(Adds details, background in paragraph 2-5)
       Oct 31 (Reuters) - Australia's Mineral Resources
 MIN.AX  bought shares worth A$158.7 million ($101 million) in
Wildcat Resources  WC8.AX  to raise its stake in the lithium
miner to 19.85%, a regulatory filing showed on Tuesday.
    The iron ore-lithum miner purchased 186.7 million Wildcat
shares on Oct. 28 at A$0.85 each, a 9.7% premium to the stock's
close on Oct. 27.
    This share buy-up is suspected to be targeting Wildcat's
emerging Tabba Tabba lithium discovery in Western Australia,
local media reported earlier in the day.
    The deal is the latest in a slew of lithium raids in
Australia, including by Gina Rinehart, the country's richest
person.
    Earlier this month, Rinehart-owned Hancock Prospecting built
an 18.3% stake in lithium miner Azure Minerals  AZS.AX  and it
also amassed a 19.9% stake in Liontown Resources  LTR.AX , which
thwarted Albemarle's  ALB.N  takeover bid.
 
 ($1 = 1.5696 Australian dollars)

 (Reporting by Echha Jain in Bengaluru; Editing by Rashmi Aich
and Savio D'Souza)
 ((Echha.Jain@thomsonreuters.com;))