Australian billionaire Rinehart’s firm takes stake in US miner MP Materials

(Reuters) – MP Materials announced that Hancock Prospecting, a mining company owned by Australian billionaire Gina Rinehart, has acquired a 5.3% stake in the company, further expanding her rare earth investments.

According to a regulatory filing made last week, the Las Vegas-headquartered mining firm revealed that Hancock Prospecting now holds approximately 8.8 million shares of MP Materials.
MP Materials, the largest rare earth producer in the United States, had previously terminated discussions with Lynas Rare Earths of Australia regarding a potential merger back in February.