Australia’s richest person, Gina Rinehart, has significantly expanded her multi-billion-dollar rare earths empire by securing a six per cent stake in US-listed critical minerals developer Rare Earths Americas. Through her company, Hancock Prospecting, Rinehart acquired 1.2 million shares, worth about US$22.8 million ($31 million), according to filings with the US Securities and Exchange Commission. Rare Earths Americas is a critical minerals developer focused on establishing non-Chinese rare earth supply chains that align with Western industrial objectives and national security priorities. The company develops three rare earths projects across the US and Brazil, concentrating on elements vital for permanent magnets and defence applications. It recently listed on the New York Stock Exchange, with its shares climbing after an upsized initial public offering, and currently holds a market capitalisation of US$450 million.
This latest acquisition adds to Mrs Rinehart’s already substantial investments in rare earths miners, both domestically and overseas. Her portfolio includes being the largest shareholder in US$15 billion rare earths developer MP Materials, which has received US Department of Defence funding, as well as a $1.4 billion stake in ASX-listed Lynas Rare Earths, and smaller interests in Arafura Rare Earths and Brazilian Rare Earths. Mrs Rinehart, whose wealth was estimated at $38.1 billion, has been a vocal advocate for former US President Donald Trump, with her investments reflecting a strategic bet on his government’s pro-business platform to benefit US-listed shares.
The global market for rare earth elements, crucial for technologies from smartphones to electric vehicles and military applications, is increasingly strategic. China currently dominates global supply, prompting Western countries like the US and Australia to heavily invest in securing diversified supply chains. Mrs Rinehart’s investment arrives amidst a crucial geopolitical backdrop, including recent discussions between US President Donald Trump and his Chinese counterpart, Xi Jinping, on extending a truce concerning Chinese rare earth export curbs. These curbs were previously imposed in response to Trump’s tariffs, highlighting the critical importance of secure rare earth resources globally.
