Gina Rinehart, Australia’s wealthiest individual, has expanded her mining interests by acquiring a stake in Lynas Rare Earths through her company, Hancock Prospecting.
The purchase of 6.6 million shares, valued at more than A$40m ($25.7m), has positioned Rinehart as a substantial shareholder with 5.82% voting power in the rare earths producer.
Lynas, a key player outside China in the rare earths market, operates a mine and processing facility in Western Australia and a refinery in Malaysia, according to a Bloomberg report.
This acquisition by Hancock Prospecting comes amid increasing interest in rare earth elements, which are critical for manufacturing high-tech products.
The move by Rinehart to increase her holdings in the mining sector, particularly in rare earths, aligns with her recent investments that support the green transition.
Rinehart’s collaboration with Sociedad Química y Minera de Chile, the world’s second-largest lithium producer, in the takeover of Azure Minerals further underscores her commitment to investing in resources essential for the future of technology and energy.
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By GlobalData
Last year, she made headlines with her involvement in lithium takeover deals and investments in companies such as Arafura Rare Earths, Liontown Resources and Vulcan Energy Resources, according to the news agency.
Earlier this month, Hancock Prospecting acquired a 5.3% stake in US-based rare earths producer MP Materials, which operates the Mountain Pass rare earth mine in California.
More than 38,500 tonnes of concentrated rare earths were produced by MP Materials in 2020, surpassing 15% of the world’s consumption, according to the company’s website.
As per a report by the West Australian, the acquisition is valued at around $212m.
