Hedge funds slash bullish wagers on gold over Trump election win
The precious metal has fallen about 8% from a record high on Oct. 31, with losses accelerating after Trump’s election victory last week.
US rare-earths producer MP Materials said Australian billionaire Gina Rinehart’s mining firm had taken a 5.3% 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% stake in Brazilian Rare Earths and a 9.14% holdings in Arafura Rare Earths, according to LSEG data.
(By Melanie Burton and Roshia Sabu; Editing by Maju Samuel and Sherry Jacob-Phillips)
Read More: MP Materials awarded $58.5 million tax credit for Texas rare earth magnet factory
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