# Australia's Mining Billionaire Just Doubled Down on US Rare Earths

Gina Rinehart, Australia's richest person (net worth $23.9B), has quietly become the top shareholder of MP Materials (NYSE:MP), holding 8.4% of the company. Hancock Prospecting, her private mining firm, added 1 million shares in Q3 alone—and MP stock doubled during that period, making it Hancock's biggest holding now.

Why this matters: MP runs Mountain Pass, the **only operating rare earths mine in the US**, and it's becoming critical infrastructure as America tries to break free from China's rare earths dominance.

**The momentum is real:**
- MP just hit a production record: 45,455 metric tons of rare earth oxides in 2024
- US Department of Defense bought $400M in preferred stock (called it a "transformational" partnership)
- This week, MP announced a Saudi Arabia joint venture to build a rare earths refinery—basically exporting US tech and influence globally
- A second mine (Dateline's Colosseum) could start operations nearby under Trump's backing

**Rinehart's rare earths bet is serious.** Beyond MP, Hancock holds stakes in Arafura Rare Earths (15.7%), Lynas (8.21%), and Brazilian Rare Earths (5.85%). She's betting big that rare earths—which power everything from EVs to military tech—will become a geopolitical chokepoint.

The play: Governments + defense contractors = guaranteed demand. Rinehart is positioned to capture multiple upside scenarios as the US rare earths supply chain solidifies.