Rinehart’s stake in MP, which she owns through Hancock, now stands at 8.4 percent.
According to BloombergHancock added 1 million shares to his MP position in the third quarter. After MP’s share price doubled over the period, it became the highest holding in Hancock’s portfolio.
MP owns and operates the Mountain Pass rare earth mine in San Bernardino County, California. The mine was revived by MP in 2017 and achieved its first rare earth concentrate production in 2018.
By 2024, the company produced a record amount of 45,455 tons of rare earth oxides in concentrate, as well as 1,294 tons of neodymium-praeseodymium (NdPr) oxide, also a record amount.
Mountain Pass is currently the only active rare earth mine in the US, and is gaining attention as the US looks to establish a rare earth supply chain outside of China. In July, the U.S. Department of Defense (DoD) agreed to buy $400 million worth of preferred stock in the company, a move MP called a “transformational public-private partnership.”
On Wednesday (Nov. 19), MP deepened its DoD relationship with a partnership with establish a joint venture with Saudi Arabian Mining Company (Maaden); together they will develop a rare earth refinery in Saudi Arabia.
“This agreement will be beneficial to MP and our industry, and it further aligns U.S. and Saudi interests,” said James Litinsky, founder, chairman and CEO of MP, in a press release shared by the company that day.
“The creation of the joint venture also underscores MP Materials’ role as a U.S. national champion, demonstrating how our fully integrated platform can project U.S. industrial capacity abroad.”
Earlier this year, the Trump administration said Dateline Resources’ (ASX:DTR,OTCQB:DTREF) Colosseum mine, located 10 kilometers from Mountain Pass, could continue operations under the existing mine plan.
A feasibility study for the Colosseum is currently being completed, and is happening ready for completion early 2026.
Rinehart’s investments in rare earths
Rinehart is the richest person in Australia, with a net worth of $23.9 billion.
According to Forbes’ list of 100 billionairesshe was the 61st richest person in the world on March 7, 2025.
In addition to MP, she is also the largest shareholder in Arafura Rare Earths (ASX:ARU,OTC Pink:ARAFF), with Hancock’s first investment in that company dating back to December 2022.
On October 29, Arafura said it was a AU$475 million financing to further advance his Nolans project. Nolans is expected to ultimately supply approximately 4 percent of the world’s NdPr oxide.
Arafura said Hancock has committed AU$125 million to the placement, bringing his stake in the company to 15.7 percent.
Hancock also has a stake in Lynas Rare Earths (ASX:LYC,OTCQX:LYSDY), with Rinehart increasing her stake in the company to 8.21 per cent in January. through purchase of approximately 10 million shares.
In 2023, Hancock Prospecting was reportedly backing Brazilian Rare Earths (ASX:BRE,OTCQX:BRELY) before it went public, with a 5.85 percent stake. Brazilian rare earths listed on the ASX in December 2023.
Through Hancock, Rinehart also has investments in lithium, copper and many more raw materials. Click here to read about her mining investments and work in the sector.
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Securities Disclosure: I, Gabrielle de la Cruz, have no direct investment interest in any company mentioned in this article.
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