AustralianSuper Swoops on Lithium Stocks After Price Plunge
- Pension giant sees fresh opportunities in critical minerals
- AustralianSuper has raised its stake in Pilbara Minerals Ltd.
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Australia’s largest pension fund plans to double its exposure to local lithium stocks over the next five years, after a price rout made producers of the key battery material more affordable.
AustralianSuper, which oversees A$300 billion ($199 billion) in pension savings, is targeting lithium in a bid to benefit from the global shift toward electric vehicles — a demand trend that’s likely to play out for more than a decade, according to Senior Portfolio Manager Luke Smith.