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. 

Rinehart’s US$1.1 billion takeover of Azure Minerals Ltd in partnership with Sociedad Química y Minera de Chile was approved by shareholders this month.

Earlier this year, Lynas was in discussions with MP Materials Corp over a potential merger, but this failed to materialise.

  - Bloomberg