AustralianSuper continues lithium splurge by going substantial in the rebounding Mineral Resources

[Pelican Press 0]

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AustralianSuper continues lithium splurge by going substantial in the rebounding Mineral Resources

Australia’s biggest super fund is again staring down the short sellers by taking big stake in the embattled Mineral Resources.

AustralianSuper has built up a 5.1 per cent stake in MinRes, crossing the 5 per cent threshold to become a substantial shareholder in the lithium and iron ore miner last week, according to ASX filings lodged on Thursday.

Over the course of last week AusSuper bought over 780,000 worth of MinRes shares — currently worth about $40m — after the company’s stock sharply rebounded over the past month following prolonged descent.

MinRes has been feeling the heat from short sellers who are ******** that pressure to pay back a mountain of debt, combined with weak lithium prices and a volatile iron ore market, will be too much for the Chris Ellison-led company to handle.

MinRes is still down 35 per cent since mid-May and short selling over the past three months has more than doubled to currently sit at 13 per cent.

AusSuper has also been a huge backer of the ASX’s most shorted stock — lithium miner Pilbara Minerals — which has 19.2 per cent of its stock tied up in the hands of detractors.

AusSuper holds a 10.5 per cent slice of Pilbara, after first crossing the 5 per cent threshold in November. Pilbara has shed more than a quarter of its value so far this year.

The super fund counts more than $300 billion assets under its management and has earlier this year stated a ******* to significantly boost its exposure to critical minerals, like lithium.

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