The richest person in Australia is Gina Rineheart, the executive chairman of Hancock Prospecting, a mining and agricultural business company that mainly extracts iron ore. Now, the company will be venturing into lithium, the metal used in batteries, which will make her the world’s first lithium queen. This is on the back of several market raids to secure a stake in the lithium industry which primarily involved purchasing 19.9% of shares in Liontown Resources, an emerging Australian lithium miner, thereby pushing away US-based Albemarle Corporation which had plans on taking over Liontown.
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As the prices of lithium fell, some may argue that this move may be a bit questionable, but Rineheart and her company are following some investment practices put out by Warren Buffett who asserts that one should buy when others are fearful. Certainly, this may be a risky move, but a well-calculated one as many technologies will rely on lithium for their batteries, and with the growth of electric vehicles, the chances that lithium will become obsolete is quite low. Still, Rineheart will require the assistance from specialists who can process the metal, so they are looking toward Korean company Posco as a potential partner.
For more details on the story, check it out on Forbes.
(Image credit: Gina Rineheart)
Source: neatorama