Australian billionaire Gina Rinehart's Hancock Prospecting becomes substantial shareholder of Lynas Rare Earths, world's largest outside China.

Australia's richest person, Gina Rinehart, has become a substantial shareholder in Lynas Rare Earths, the world's largest producer of rare earths outside of China. Rinehart's privately held Hancock Prospecting took a 5.82% stake in Lynas. The move is fueling speculation of sector consolidation, following previous merger talks between Lynas and US rare-earths producer MP Materials. Hancock Procking also took a substantial stakeholding in MP Materials earlier this month.