MP Materials, a U.S.-based rare-earths producer, disclosed that Australian billionaire Gina Rinehart’s mining company has acquired a 5.3% stake in the firm, marking an expansion of her investments in the mineral ore sector.
According to a recent regulatory filing by the Nevada-headquartered miner, Hancock Prospecting, which is owned by Gina Rinehart, Australia’s wealthiest individual, now possesses approximately 8.8 million shares of MP Materials.
As the second-largest rare earths producer globally outside of China, MP Materials had engaged in discussions with Australia’s Lynas Rare Earths regarding a potential merger; however, these talks concluded in February.
Hancock Prospecting refrained from providing comments on the matter when approached on Wednesday.
Notably, the iron ore mining company has been strategically increasing its interests in critical minerals projects, particularly rare earths. Hancock’s portfolio of investments includes a 6.17% stake in Brazilian Rare Earths and a 9.14% holding in Arafura Rare Earths, as indicated by data from the London Stock Exchange Group.