Australian magnate Rinehart takes stake in MP Materials
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
More News
US excludes steel, aluminum, gold from reciprocal tariffs
The White House said steel and aluminum imports won’t be subject to reciprocal tariffs in a move that will provide at least some relief to domestic buyers already incurring 25% duties.
April 02, 2025 | 05:04 pm
Dirtiest US coal-fired power plant applies for EPA exemption
The Colstrip plant, located in eastern Montana, has the highest emission rate of fine particulate matter out of any coal-burning plant in the nation.
April 02, 2025 | 02:55 pm
{{ commodity.name }}
{{ post.title }}
{{ post.excerpt }}
{{ post.date }}
Comments