Australia’s richest woman, ‘Iron Lady’ Gina Rinehart, is quickly becoming one of the world’s most influential players in the lithium market, a raw material that is indispensable in batteries for electric cars. For the second time this month, she appears to be thwarting the takeover of a major lithium producer.
Rinehart’s company, Hancock Prospecting, announced on Friday that it has an 18 percent stake in Australian mining company Azure. Azure is about to be acquired by a Chilean mining giant. With a minority stake of almost 20 percent, Rinehart can challenge the Chilean bid.
Earlier this month, this was achieved with the planned takeover of the Australian lithium producer Liontown, in which Rinehart’s company had built up a blocking minority interest of 19.9 percent. The American takeover candidate Albemarle subsequently withdrew its billion-dollar offer due to the “complications that have arisen”.
Crucial
Raw materials for the manufacture of batteries such as lithium, cobalt and nickel have rapidly become more expensive in recent years, because they play a crucial role in the energy transition. The value of lithium companies in Australia, the world’s largest lithium producer together with Chile, has soared as a result. Lithium is sometimes described as ‘white gold’.
‘Australian Iron Lady’
Rinehart, daughter of Australian iron ore magnate Lang Hancock, turned her late father’s financially ailing company back into success when she became CEO of Hancock Prospecting in 1992. She made her fortune trading iron ore, which earned her the nickname ‘Australian Iron Lady’. Over the years, it has also made significant investments in rare raw materials and in the gas sector. Her current fortune is estimated at almost 25 billion euros. This makes her the richest woman in Australia and, according to ‘Forbes’, also the eighth richest woman in the world.
She is not without controversy. Rinehart is known as a climate skeptic, is a staunch supporter of Donald Trump and is feared for her ruthless negotiating methods.
“Just work harder”
Years ago, there was a fuss about Rinehart’s statements: she had written in a trade magazine that anyone could earn millions if they simply worked harder and spent less time with friends in a café. According to the billionaire, a reduction in the minimum wage would also lower unemployment. The then Australian Prime Minister responded that “life is more complex”. A minister suggested that Rinehart should also try to get by on a minimum wage before asking for it to be lowered.
Million draw
Earlier this year, the Australian mining magnate made our news after she found an original way to celebrate her 69th birthday. She distributed 2.7 million euros to her staff through a lottery. In concrete terms, 41 miners earned 100,000 Australian dollars (65,000 euros). Rinehart was praised on social media for her generous heart, although there were also some reservations.
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