Gina Rinehart, Australia’s richest person, has become the largest shareholder in US-based rare earths producer MP Materials.
Rinehart’s Hancock Prospecting increased its stake in MP Materials to 8.4% after acquiring an additional one million shares during the third quarter, making it the company’s largest shareholder, it reported. Bloomberg.
As of September 30, Hancock Prospecting’s US-listed shares and exchange-traded funds were valued at around $3 billion (A$4.62 billion), according to a recent regulatory filing.
The largest stake in MP Materials, valued at $997 million at the end of September, currently represents the largest stake in Hancock’s portfolio, according to Bloomberg calculations.
James Litinsky, CEO and founder of MP Materials, is the company’s second largest shareholder with a 7.9% stake.
MP Materials operates the only rare earth mine in the United States and in July secured a $400 million equity investment from the Pentagon.
Rinehart’s latest investment has expanded his business group’s involvement in the US defense supply chain.
According to the Bloomberg Billionaires Index, Rinehart’s net worth is currently $32.3 billion, derived primarily from iron ore assets in Western Australia.
MP Materials plans to bring a new heavy rare earth separation facility into operation at Mountain Pass in California, US, in mid-2026.
The facility is designed to process approximately three billion tonnes per year (btpa) of feedstock and will initially prioritize the production of dysprosium (Dy) and terbium (Tb).
The Dy/Tb circuit will have a nominal capacity of 200 million tonnes per year and will support MP Materials’ planned production of 10 btpa of high-performance neodymium iron boron magnets.
MP Materials describes itself as the only U.S. integrated rare earths producer operating across the entire supply chain, from mining and processing to advanced metallization and magnet manufacturing.
From one of the world’s richest rare earth deposits in California, the company mines and refines materials and manufactures high-performance magnets used in transportation, energy, robotics, defense and aerospace.
In May this year, Maaden signed a memorandum of understanding with MP Materials to create a fully integrated end-to-end rare earth supply chain in Saudi Arabia.
“Gina Rinehart Becomes Largest Shareholder in MP Materials” was created and originally published by Mining Technology, a brand owned by GlobalData.
The information contained on this site has been included in good faith for general information purposes only. It is not intended to be advice on which you should rely, and we make no representation or warranty, whether express or implied, as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action based on the content on our site.