The federal government declared “the road to net zero runs through Australia’s resources sector” and Rinehart will be hoping for a decent spoonful from the profit pot at the end of that road.
An important piece of Gina Rinehart’s strategic jigsaw puzzle was publicly placed this week when the iron ore billionaire grabbed a 5.8 per cent stake in Lynas Rare Earths. She seems to have done well, cannily predicting or coat-tailing governments’ bets on supporting critical minerals.
Lynas and MP Materials held merger discussions earlier this year, but a deal failed to materialise. However, Rinehart’s share raid on Lynas this week will ignite speculation that a deal between two of the largest rare earths groups outside China might be back on the agenda.Rare earths are not investments for the faint-hearted. Like many critical minerals, including nickel and lithium, prices have not been owner-friendly.
But for many critical minerals and rare earths in particular, the future is also tied to geopolitical forces. Countries including Australia and the US want to break the dominance of and reliance on China for supply and processing.And Rinehart has sniffed this wind. Meanwhile, last month Liontown Resources, whose largest shareholder is also Rinehart, secured a $550 million loan from big Australian commercial banks and taxpayer-funded agencies three months after an Australian banking consortium had withdrawn a $760 million loan aimed at enabling lithium to deliver first production this year.
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