Gina Rinehart becomes largest shareholder in MP Materials

Gina Rinehart, Australia’s richest person, has go the largest shareholder successful MP Materials, the US-based uncommon earths producer.

Rinehart’s Hancock Prospecting raised its involvement successful MP Materials to 8.4% aft acquiring an further 1 cardinal shares during the 3rd quarter, making her the apical shareholder successful the company, reported Bloomberg.

As of 30 September, Hancock Prospecting’s US-listed stocks and exchange-traded funds were valued astatine astir $3bn (A$4.62bn), according to a caller regulatory filing.

The accrued shareholding successful MP Materials, valued astatine $997m astatine the extremity of September, presently represents the largest holding successful Hancock’s portfolio, based connected Bloomberg calculations.

James Litinsky, the CEO and laminitis of MP Materials, is the company's second-largest shareholder with a 7.9% stake.

MP Materials operates the lone uncommon earths excavation successful the US, and successful July secured a $400m equity concern from the Pentagon.

The latest concern by Rinehart has expanded her concern group's engagement successful the US defence proviso chain.

According to the Bloomberg Billionaires Index, Rinehart’s nett worthy is presently $32.3bn, derived chiefly from robust ore assets successful Western Australia.

MP Materials plans to committee a caller dense uncommon world separation installation astatine Mountain Pass successful California, US, successful mid-2026.

The installation is designed to process astir 3 cardinal tonnes per annum (btpa) of feedstock and volition initially prioritise the accumulation of dysprosium (Dy) and terbium (Tb).

The Dy/Tb circuit volition person a nameplate capableness of 200 cardinal tonnes per annum and enactment MP Materials’ planned accumulation of 10btpa of high-performance neodymium robust boron magnets.

MP Materials describes itself arsenic the US’ lone integrated uncommon world shaper operating crossed the full proviso chain, from mining and processing to precocious metallisation and magnet manufacturing.

Drawing from 1 of the world’s richest uncommon world deposits successful California, the institution extracts and refines materials and manufactures high-performance magnets utilized crossed transportation, energy, robotics, defence and aerospace.

In May this year, Maaden signed a memorandum of knowing with MP Materials to make a afloat integrated, end-to-end uncommon world proviso concatenation successful Saudi Arabia.

"Gina Rinehart becomes largest shareholder successful MP Materials " was primitively created and published by Mining Technology, a GlobalData owned brand.

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