Gina Rinehart, Australia’s wealthiest individual, has acquired an 8.4% stake in US rare earths producer MP Materials, making her the company’s largest shareholder, with a portfolio valued at $3bn as of September 30th. The investment expands her business group’s presence in the US defence supply chain.

MP Materials, the sole rare earths mine in the US, received a $400m equity investment from the Pentagon in July. Rinehart’s increased shareholding in the company, valued at $997m, now represents the largest holding in Hancock’s portfolio. James Litinsky, the CEO and founder of MP Materials, holds a 7.9% stake in the company.

MP Materials plans to launch a new heavy rare earth separation facility in California in mid-2026, focusing on dysprosium and terbium production. The facility aims to process three billion tonnes of feedstock annually and support the production of high-performance neodymium iron boron magnets. The company operates across the entire rare earth supply chain, from mining to magnet manufacturing.

In a move to create a fully integrated rare earth supply chain, Maaden signed a memorandum of understanding with MP Materials in Saudi Arabia. Rinehart’s net worth, primarily from iron ore assets in Western Australia, is estimated at $32.3bn, according to the Bloomberg Billionaires Index.

Read more at Yahoo Finance: Gina Rinehart becomes largest shareholder in MP Materials