Lynas investors are split on the merits of resuscitating merger talks with American rare earths producer MP Materials, as Gina Rinehart’s ascension to major shareholder in both companies suggests last year’s foiled $10 billion deal could be revisited.

Tribeca Global Natural Resources Fund portfolio manager Ben Cleary said a combination made sense at the right price, in response to the prospect of Australia’s richest person emerging as a kingmaker in any future transaction.