Hancock Prospecting Becomes Major Stakeholder as MP Materials Advances US Rare Earth Operations

Hancock Prospecting, led by Australian mining executive Gina Rinehart, has increased its equity in MP Materials to 8.4%, now holding the largest individual stake in the US-based rare earth producer. This shift in shareholding comes as MP Materials progresses with the commissioning of a new heavy rare earth separation facility at its Mountain Pass site in California, targeted for mid-2026.

The planned facility will process approximately three million tonnes of feedstock annually, initially focusing on dysprosium (Dy) and terbium (Tb) production. The expansion is strategically significant for the US supply chain, as MP Materials remains the country’s only fully integrated rare earth miner and processor, supporting domestic manufacturing of neodymium iron boron magnets, which are critical for defense and technology applications. The company recently secured a $400 million equity investment from the US Department of Defense, underscoring its regulatory and strategic importance.

  • Hancock Prospecting now holds an 8.4% stake in MP Materials, valued at $997 million as of late September 2025.
  • MP Materials received a $400 million Pentagon investment to support domestic rare earth production.
  • MP Materials operates the only rare earth mine in the US, with a new separation facility scheduled for commissioning in mid-2026 at Mountain Pass, California.