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1) Australian lithium developer Liontown Resources has entered a trading halt as it seeks funding for its Kathleen Valley lithium project after US-based miner Albemarle abandoned a $4.1 billion buyout bid. Albemarle withdrew its proposal due to "growing complexities," coinciding with Hancock Prospecting, owned by Australia's richest person, Gina Rinehart, increasing its stake in Liontown to 19.9%, potentially enough to block the Albemarle bid. Kathleen Valley is considered one of the world's top five lithium projects, with agreements in place to supply Ford, Tesla, and LG Energy. Liontown is finalizing funding for the project, set to begin lithium production next year, after raising its capital cost estimate to $951 million. Albermarle's CEO, Kent Masters, explained that moving forward with the Liontown acquisition was not in the company's best interests. While Albemarle has withdrawn from the buyout, it may still engage in discussions for a supply agreement and capital commitment. Albemarle mentioned it had sufficient feed for its Australian operations. The development underscores the intricacies and competition in the lithium mining industry, which is vital for electric vehicle battery production.
2) Egyptian billionaire Naguib Sawiris is considering an investment in the $7 billion Reko Diq copper-gold project owned by Barrick Gold and Pakistan. Reko Diq, located in the Balochistan region bordering Afghanistan and Iran, boasts one of the world's largest undeveloped copper and gold deposits, with the potential to produce 200,000 tons of copper and 250,000 ounces of gold annually over 50 years. Sawiris, a prominent figure in the telecom and gold industries, expressed interest in the project as he highlighted his familiarity with Pakistan, where he has been active for 25 years and made many connections. Barrick's CEO, Mark Bristow, has previously indicated growing interest from multinational mining companies in the Reko Diq project with Saudi Arabia's Public Investment Fund also expressing interest in the project. Pakistan's state-owned energy exploration companies, which hold stake in Reko Diq, hace signlaed potential engagement with foreign sovereign investors, with details still undisclosed. Challenges for investment in the project still remain and include lenghty bureaucratic processes, currency instability, and capital restrictions. Nonetheless, Sawiris remains optimistic and determined tto overcome these hurdles, emphasizing his commitment to realizing his goals.