Billionaire Mining Magnate Invests In Battery Metal

Gina Rinehart takes a big bet on lithium

Billionaire mining magnate invests in battery metal

Gina Rinehart, Australia's richest person, is taking a big bet on lithium, the battery metal that is essential for electric vehicles and other renewable energy technologies.

Her company Hancock Prospecting has committed to invest up to $200 million in a new lithium mine in Western Australia. The mine is expected to produce 1.5 million tonnes of lithium oxide per year, which would make it one of the largest lithium mines in the world.

The investment is a sign of Rinehart's belief in the long-term growth of the lithium market. Lithium prices have soared in recent years as demand for electric vehicles has increased. The price of lithium oxide has more than doubled since the start of 2022.

Rinehart's decision to invest in lithium is a major coup for the Australian mining industry. Australia is already a major producer of lithium, but Rinehart's investment will help to solidify Australia's position as a leading supplier of the battery metal.