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Mining Billionaire Targets EV Boom With ‘Green’ Lithium Play

  • Rinehart joins push to gain exposure to fast-growing sector
  • German-based project plans low-emissions output of the metal
Sociedad Quimica & Minera Lithium Production As Mining Superpowers Seek Riches as Battery Makers
Photographer: Cristobal Olivares/Bloomberg
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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.