Hancock's Liontown stake continues to grow

Gina Rinehart's Hancock Prospecting has continued what has become a near-daily acquisition of Liontown Resources shares, advancing its stake to 18.4 per cent. 

After surpassing Liontown's chairman and largest shareholder Tim Goyder as the company's biggest shareholder on Friday, Hancock disclosed on Tuesday afternoon that it had bought another 36.6 million shares in Albemarle's takeover target. 

Hancock has continued to maintain the stake as strategic and has not made further public comment on the new haul of shares, which were bought on Monday and Tuesday for $3.00 apiece.   

The stock was worth approximately $109.8 million and takes Mrs Rinehart's total shares in Liontown to 404.3 million. 

Based on those figures, the magnate has spent more than $1 billion on Liontown shares since April this year. 

This round of purchase lifts Hancock's stake even closer 19.9 per cent, just below the takeover threshold and a target the company has previously alluded to in public statements. 

There's also been suggestions from the mining company that it might seek board representation with Liontown, but has said it did not plan to put a director nomination forward at Liontown's upcoming annual general meeting. 

Albemarle is in the middle of completing its due diligence on Liontown after making a $6.6 billion proposal to buy the company. 

Mrs Rinehart's stake also puts her company in a position to potentially block Albemarle's deal or launch its own takeover; both moves that the group has not ruled out.

Liontown's camp has not commented on the presence of Mrs Rinehart on its register. 

Hancock first disclosed its interest in Liontown in early September, after first buying shares in April, and has continued to incrementally increase its stake since.