Gina Rinehart, Australia’s wealthiest individual, has emerged as the largest shareholder in US rare-earths producer MP Materials. This move underscores her increasing global investments in strategic minerals. Rinehart’s privately owned Hancock Prospecting held approximately $US3 billion in US-listed stocks and exchange-traded funds as of September 30, according to a recent regulatory filing.
Hancock Prospecting increased its investment in MP Materials by acquiring an additional 1 million shares during the third quarter. This acquisition elevated Hancock’s total stake to 8.4 per cent, establishing it as the company’s primary shareholder. MP Materials operates the only rare-earths mine in the United States. Its share price doubling during the period resulted in Hancock’s holding being valued at $997 million at the end of September.
MP Materials secured a $US400 million equity investment from the Pentagon in July. The company is the operator of the only rare-earths mine in the US. Bloomberg data indicates that MP Materials’ chief executive and founder, James Litinsky, holds the second-largest stake in the company, with 7.9 per cent ownership. This deal draws Rinehart’s empire further into America’s defence supply chain.
Rinehart, who built her fortune through the development of substantial iron ore deposits in Western Australia, currently holds a net worth of $US32.3 billion, according to the Bloomberg Billionaires Index.
