Australia’s largest industry super fund will step up its investment in battery metal lithium as it seeks to grow its $12 billion critical minerals fund.
AustralianSuper, the nation’s largest industry superannuation fund, will more than double its investments in lithium over the next three years to cash in on the energy transition and new trade routes forged by the US-China trade war.
The comments are the first time AusSuper has publicly revealed the next phase of its critical minerals ambition. Its planned investment in lithium will take the fund’s portfolio of critical mineral investments to at least $14 billion over the next three years. Its current portfolio – which straddles copper, nickel and graphite and holdings such as BHP – is valued at $12 billion.“We’re building out investments in that space for the next five years-plus,” the fund manager said.
AusSuper’s move to increase its investment in critical minerals marks a watershed moment for miners that have typically been funded by end consumers in China, retail investors, offshore banks, or the whims of equity capital markets. “But government capital alone isn’t sufficient to achieve the sort of transformation that they’re targeting here. It’s going to require additional capital, both equity and debt. Is there a larger role for big super to play in that? Absolutely.”Over the past decade, AusSuper has amassed a $3 billion portfolio of investments in six listed Australian miners including a 19 per cent stake in Syrah, the largest vertically integrated graphite producer outside China.
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