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Gina Rinehart emerges as big investor in California rare earths giant

Jemima WhyteSenior reporter

Apr 9, 2024 – 4.50pm

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Gina Rinehart’s Hancock Prospecting has emerged as a significant shareholder in Las Vegas-headquartered MP Materials, the resources group that this year held merger discussions with ASX-listed Lynas Rare Earths.

Mrs Rinehart’s 5.3 per cent interest in MP Materials, which has a market capitalisation of $US2.85 billion ($4.3 billion), was disclosed after a share buyback. Higher volumes in Monday’s trading and a rally in the share price, pushing the value of the stake to $US150 million, stoked speculation Hancock may be buying more shares.

Jemima Whyte writes on business, specialising in companies, capital markets and innovation. Jemima has reported on business for The Australian Financial Review for more than 13 years.