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Billionaire mining magnate Gina Rinehart has amassed a 5.82% stake in Lynas Rare Earths Ltd. via her private company Hancock Prospecting Ltd.
Rinehart and Hancock became substantial shareholders of the Sydney-listed company on Friday, according to a Lynas statement sent on Tuesday evening. Lynas is one of the only rare earths producers outside China — which dominates global rare earths production — with a mine and processing plant in Western Australia and a refinery in Malaysia. Rinehart has taken strategic positions in a number of critical minerals companies with large footprints across Australia, including Arafura Rare Earths Ltd., Liontown Resources Ltd., and Vulcan Energy Resources Ltd. Earlier this year, Lynas was in discussions with MP Materials Corp.
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