Billionaire Gina Rinehart’s mining empire will help to finance a lithium project in Germany being developed to supply the key ingredient for electric-car batteries needed by Europe’s auto industry.
Rinehart’s closely held Hancock Prospecting Pty will become a cornerstone investor in Vulcan Energy Resources Ltd.’s A$120 million ($92 million) institutional share sale, with the proceeds to be used to further the development of the project. It plans to have a definitive feasibility study ready by 2022.
