Gina Rinehart has landed her first big partnership in lithium by joining forces with Chilean giant Sociedad Quimica y Minera to launch a knockout $1.7 billion bid for explorer Azure Minerals.

Mrs Rinehart’s Hancock Prospecting and SQM have locked up more than 60 per cent of the stock after their improved 50-50 bid, pitched at $3.70 a share up from $3.52, won the support of at least two other major shareholders: billionaire prospector Mark Creasy and Delphi Group.