Chris Ellison’s Mineral Resources eyeing Ken Brinsden lithium play Patriot Battery Metals

Chris Ellison’s Mineral Resources eyeing Ken Brinsden lithium play Patriot Battery Metals

Word is that Chris Ellison is loading up his lithium gravy train.

The Bull has it on good authority the mining billionaire’s Mineral Resources has been buying shares in Canadian lithium explorer Patriot Battery Metals, now chaired by former Pilbara Minerals boss Ken Brinsden.
And who could blame him? Patriot last month put out spectacular drilling results indicating they’re on to a monster of a project at their Corvette tenement in Quebec’s James Bay region.

The share price of Patriot, whose primary listing is on the Toronto Stock Exchange but listed CDIs on the ASX just before Christmas, has more than doubled since their 60¢ issue price and were trading around $1.65 on Friday.
The share buying would appear to reinforce rumours of a potential spin-off of MinRes’ lithium business – even though Mr Ellison has suggested it is not in the group’s short-term plans.

The MinRes chief in November addressed the speculation by saying he had “no plans… to go out there and peel it off” but would “have a look at the crystal ball after Christmas”.

The lithium business spin-off chatter first started in September after MinRes bought a stake in Global Lithium and continued to boost it. MinRes currently holds 9.64 per cent of Global Lithium.

MinRes declined to comment on the Patriot rumours.