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…
