IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
Australian billionaire Gina Rineheart has once again increased her stake in lithium producer Liontown Resources, giving her enough potential to stop the company’s takeover by Albemarle for $4.3 billion.
Australia’s richest person raised her stake to 18.4% from 16.7%, a regulatory filing showed on Tuesday.
Rineheart has been increasing her stake since September, after Albemarle was granted access to Liontown’s books, and replaced the company’s chairman Tim Goyder as the largest shareholder last week.
Liontown’s Kathleen Valley lithium project in Western Australia is regarded as one of the world’s most promising deposits of the metal, which is used in electric vehicles and smartphones.
Albemarle did not immediately reply to Reuters‘ request for comment, while Hancock and Liontown Resources declined to comment.
Shares of Liontown closed up about 0.3% ahead of the announcement.
(By Archishma Iyer; Editing by Varun H K)
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