Lithium mining giant Albemarle Corp has abandoned its proposed A$6.6 billion (US$4.2 billion) takeover of Australian lithium miner Liontown Resources Ltd due to "growing complexities" associated with executing the transaction. The collapse of the deal comes after Australian mining tycoon Gina Rinehart, the richest woman in Australia, built up a 19.9% stake in Liontown through her company Hancock Prospecting. As the largest shareholder, Rinehart was in a position to block a shareholder vote on the Albemarle deal. Liontown is seeking alternative funding for its flagship Kathleen Valley lithium project in Western Australia. Albemarle will now have to seek out other lithium acquisition targets, both in Australia and globally, as it looks to further expand its supply portfolio.