Every day brings a new twist to the great lithium frenzy in Western Australia. 

This time, it appears lithium major Pilbara Minerals is buying up a strategic stake in rival Azure Minerals.

The twist comes as billionaire mining oligarchs Chris Ellison and Gina Rinehart also buy into (ASX:AZS) stock.

The Australian newspaper today reports that the market is in a frenzy as Pilbara Minerals (ASX:PLS) is accumulating shares in AZS.

The price of Azure Minerals shares has been rocketing up, gaining nearly 5% in trade.

Azure Minerals had been a target of multi-national chemical SQM, Sociedad Química y Minera de Chile in recent months.

SQM had been attempting to acquire Azure for $1.63 billion.

Azure has been working to bring the massive Andover lithium project into production. 

The lithium space in Western Australia is in a major takeover, m&a and consolidation period with major players seeking to secure lithium supply. 

The world must move quickly to adopt EVs to meet ambitious climate goals and car marker are scrambling to lock in long-term supply. 

China, EU nations and the US all need lithium to ensure they can make enough EVs to keep up with demand and new regulations to move away from internal combustion engine cars.