The Australian mining billionaire Gina Rinehart has built a nearly 6 per cent stake in rare-earth developer Lynas, strengthening her hand in the contest to build a non-Chinese supply of critical minerals.
In the span of a week, Rinehart’s Hancock Prospecting has bought shares in Australia’s Lynas and taken a 5 per cent holding in US-listed MP Materials. The companies are the two largest non-Chinese rare-earth developers and recently held merger talks.
They ended negotiations in February after failing to strike a deal, but Rinehart’s emergence on the share registers of both companies has fuelled speculation that she could be positioning herself to play kingmaker in any future talks.
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