Australian Magnate Rinehart Takes Stake in U.S. Miner MP Materials
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U.S. rare-earths producer MP Materials said Australian billionaire Gina Rinehart’s mining firm had taken a 5.3 percent stake in the company, expanding her investments in the mineral ore sector.
In a regulatory filing last week, the Nevada-based miner said Hancock Prospecting, owned by Australia’s richest person Rinehart, holds about 8.8 million shares of MP Materials.
MP Materials is the second-biggest producer of rare earths outside China after Australia’s Lynas Rare Earths. Lynas ended talks with MP Materials over a potential merger in February.
Hancock declined to comment on Wednesday.
The iron ore miner has been building stakes in critical minerals projects, including rare earths. Hancock’s investments include a 6.17 percent stake in Brazilian Rare Earths and a 9.14 percent holdings in Arafura Rare Earths, according to LSEG data.
Source: Reuters
MP Materials produces specialty materials that are vital inputs for electrification and other advanced technologies. MP’s Mountain Pass facility is America’s only scaled rare earth production source. The company is currently expanding its manufacturing operations downstream to provide a full supply chain solution from materials to magnetics.
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