She is understood to be in search for 10 per cent, adding to her existing holding believed to be about 3 to 4 per cent.
The raid on Azure Minerals comes on the same day that the company announced to the market it had reached a deal for lithium mining heavyweight SQM to buy the business for $1.6bn or $3.52 per share.
The offer involved a special provision where it could move to a takeover proposal from a scheme of arrangement structure should an interloper move to interfere in a deal by acquiring a stake of around 19 per cent.
The takeover would be at $3.50 per share.
Based on the fact that Mrs Rinehart is buying shares at the offer price, sources suggests this means she is angling for a seat at the table, rather than making moves to embark on a rival proposal.
