Australia's Richest Person Increases Stake in Lynas Rare Earths

Dow Jones04-17

By Stuart Condie

SYDNEY--Australia's richest person increased her stake in Lynas Rare Earths, prompting the miner's shares to jump more than 5%.

Iron-ore magnate Gina Rinehart's Hancock Prospecting raised its interest in Lynas to 5.8%, the ASX-listed rare-earths miner said Wednesday. Hancock has 54.4 million shares, having bought 9.3 million shares since December, Lynas said.

Hancock is now a substantial stakeholder in both Australia's largest rare-earths miner and U.S.-listed MP Materials. Lynas and MP previously held biparty talks over a potential transaction. MP said on April 5 that Hancock had taken a 5.3% holding.

In February, Lynas responded to media reports of merger talks with MP by confirming that the companies had ceased discussions over an unspecified transaction. Analysts suggested that a merger would give a combined entity greater pricing power in a market long dominated by China.

Shares in Lynas, which is Australia's largest rare-earths miner with a market capitalization of about 6.0 billion Australian dollars (US$3.84 billion), were recently up 5.2% at A$6.405. They were earlier as high as A$6.45.

Neither Lynas nor Hancock responded to requests for comment.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

April 17, 2024 00:50 ET (04:50 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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