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Ground Breakers: Iron ore squillionaire Gina Rinehart wants to sell our lithium to India STOCKHEAD JUNE 15, 2023 ... | June 15, 2023
Gina Rinehart’s Hancock Magnetite Holdings has inked a lithium earn-in and joint venture (JV) agreement with junior explorers Legacy Iron and Hawthorn Resources over the Mt Bevan project, in Western Australia. Under the agreement, Hancock would make an initial unconditional investment of A$4-million for a 7.5% interest in the project, with A$2.4-million in cash to be paid to Legacy and A$1.6-million to Hawthorn.
Hancock Prospecting and Indian interests appear set to pull the trigger on a project in WA at the same time as Japan’s Idemitsu throws its capital around.
Multi-billion dollar conglomerate becomes major shareholder
ASX-listed Delta Lithium has received a near A$46.4-million capital injection through a strategic share placement with Japanese conglomerate Idemitsu Kosans’ subsidiary Idemitsu Mt Ida. Idemitsu has acquired 65.6-million ordinary shares in Delta at an issue price of 70.75c a share, representing a 7.5% premium to Delta’s ten-day volume weighted average share price.