Brisbane Olympic Games chairman Andrew Liveris has secured significant backing for his $375 million push into industrial salt production through his company, Leichhardt Industrials Group.
The company acquired Rio Tinto’s Lake MacLeod salt asset in Western Australia on December 2, attracting high-profile investors, including South Sydney Rabbitohs chairman Nick Pappas and several wealthy Australian families including the Bardas’.
Corporate filings reveal that $242 million in new shares were issued in Leichhardt on the same day, with notable investors including members of the Kailis family, known for their seafood empire, and heirs to the late Victor Smorgon’s fortune.
Pappas himself subscribed for over $1.5 million in shares, while partners from law firm Arnold Bloch Leibler and financial firm Global Credit Investments also participated.
Lake MacLeod, located nearly 1,000km north of Perth, produces salt and gypsum through natural evaporation processes. The salt produced is in high demand, particularly for industries like battery manufacturing.
Source: The Financial Review.
