Mineral Resources has increased its stake in lithium miner Azure Minerals

On Nov. 6, it was reported that Australia's Mineral Resources had acquired an additional stake in Azure Minerals, raising its stake in the battery metal miner to 12.3 percent. A week ago, Australia's richest woman Gina Rinehart bought an 18.3% stake in the company. The company is developing the Andover Lithium Nickel Copper Cobalt project in the Pilbara region of Western Australia. Rinehart's strategic move is aimed at scuttling Chilean lithium giant SQM's $1.63 billion bid for Azure, which is still being negotiated.

Mineral Resources, based in Perth, Australia, began increasing its stake in Azure in mid-October and has so far invested more than A $210m in the target. The company has also raised its interest in other lithium miners, including Wildcat Resources, which now holds a 19.85 percent stake in the company. Mineral Resources' other investments in exploration companies in Western Australia include transactions with Delta Lithium, Global Lithium Resources and Essential Metals.

Since SQM's A $3.52 per share offer, Azure's shares have surged 45 per cent to a high of A $4.01. The stock closed up 4.1% at A $3.85 on Friday.