Australian billionaire Gina Rinehart's mining firm, Hancock Prospecting, acquires a 5.3% stake in MP Materials, US's largest rare earth producer.
Australian billionaire Gina Rinehart's mining firm, Hancock Prospecting, has taken a 5.3% stake in MP Materials, the largest US producer of rare earths. This comes after MP Materials received a $58.5M award from the US government to construct the first domestic rare earth magnet manufacturing facility. Rinehart's investment in MP Materials has contributed to a 19% increase in its stock in two days.
April 09, 2024
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