Gina Rinehart, owner and CEO of private Australian mining company Hancock Prospecting, has become the largest shareholder of rare earths company MP Materials (NYSE:MP).
Rinehart’s stake in MP, which she owns via Hancock, now stands at 8.4 percent.
According to Bloomberg, Hancock added 1 million shares to its MP position in the third quarter. After MP’s share price doubled during the period, it became the top holding in Hancock’s portfolio.
MP owns and runs the Mountain Pass rare earths mine in San Bernardino County, California. The mine was revived by MP in 2017 and achieved first rare earths concentrate production in 2018.
In 2024, the company produced a record 45,455 metric tons of rare earth oxides in concentrate, as well as 1,294 metric tons of neodymium-praeseodymium (NdPr) oxide, also a record amount.
Mountain Pass is currently the only operating rare earths mine in the US, and is gaining attention as the US seeks to establish a rare earths supply chain outside of China. In July, the US Department of Defense (DoD) agreed to buy US$400 million worth of preferred stock in the company, a move that MP called a ‘transformational public-private partnership.’
On Wednesday (November 19), MP deepened its DoD relationship with a partnership to establish a joint venture with Saudi Arabian Mining Company (Maaden); together they will develop a rare earths refinery in Saudi Arabia.
‘This agreement will be beneficial to MP and our industry, and it further aligns U.S. and Saudi interests,’ said James Litinsky, MP’s founder, chair and CEO, in a press release shared by the company that day.
‘The formation of the joint venture also underscores MP Materials’ role as an American national champion, and it demonstrates how our fully integrated platform can project U.S. industrial capability abroad.’
Earlier this year, the Trump administration said Dateline Resources’ (ASX:DTR,OTCQB:DTREF) Colosseum mine, located 10 kilometres from Mountain Pass, could continue operations under its existing mine plan.
A bankable feasibility study is currently being completed for Colosseum, and is due for completion in early 2026.
Rinehart’s rare earths investments
Rinehart is the wealthiest person in Australia, holding a net worth of US$23.9 billion.
According to Forbes’ 100 billionaires list, she was the 61st richest person globally as of March 7, 2025.
Besides MP, she is also the largest shareholder of Arafura Rare Earths (ASX:ARU,OTC Pink:ARAFF), with Hancock’s first investment in that company tracing back to December 2022.
On October 29, Arafura said it was conducting a AU$475 million financing to further advance its Nolans project. Nolans is expected to eventually supply approximately 4 percent of the world’s NdPr oxide.
Arafura said Hancock committed AU$125 million to the placement, bringing its stake in the firm to 15.7 percent.
Hancock also holds an interest in Lynas Rare Earths (ASX:LYC,OTCQX:LYSDY), with Rinehart raising her stake in the company to 8.21 percent in January via the purchase of about 10 million shares.
In 2023, Hancock Prospecting was reported to back Brazilian Rare Earths (ASX:BRE,OTCQX:BRELY) before it went public, taking a 5.85 percent stake. Brazilian Rare Earths listed on the ASX in December 2023.
Through Hancock, Rinehart also holds investments in lithium, copper and many more commodities. Click here to read about her mining investments and work in the sector.
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.