** Shares of Lynas Rare Earths rise as much as 5.9% to A$6.450, highest since Jan. 10
** Australia's richest person, Gina Rinehart, became a substantial shareholder in the largest producer of rare earths outside of China, an exchange filing showed after market hours on Tuesday
** Rinehart and Hancock Prospecting now hold 5.82% voting power in Lynas
** Stock set for best day since April 9, if gains hold
** LYC down 14.9% YTD as of last close
(Reporting by Adwitiya Srivastava in Bengaluru)
((Adwitiya.Srivastava@thomsonreuters.com;))
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