Highlights
- Gina Rinehart has pivoted from iron ore to become a major strategic investor in rare earth elements and battery metals across multiple continents.
- Her aggressive investment approach includes significant stakes in companies like Lynas, MP Materials, and Liontown Resources.
- Her investments position her as a key player in breaking China’s mineral monopoly.
- Rinehart’s investments span rare earths, lithium, and critical minerals.
- Her efforts are backed by government partnerships and driven by a vision of securing Western supply chains in emerging green technologies.
Gina Rinehart (opens in a new tab), best known as Australia’s iron ore queen, has spent the past decade pivoting her empire toward the minerals of the future. As Executive Chairman of Hancock Prospecting, Rinehart presides over a $30 billion mining fortune built on iron ore, but in recent years, she’s quietly amassed strategic stakes in rare earth elements and battery metals across the globe. These investments – spanning Australia, the Americas, and even Europe – position Rinehart as perhaps the most influential investor in rare earths outside China. In fact, it could be said that in part, she is driving the “ex-China” rare earth element market momentum. Rare earth elements (REEs) used in everything from electric vehicles to missiles have become a geopolitical battleground, and Rinehart has moved fast to secure a piece of this critical supply chain. Her push into lithium, nickel, cobalt, and other critical minerals for the green energy transition marks a dramatic expansion beyond the iron ore mines that made her fortune. The result is a high-stakes global portfolio – and a fair share of controversy – for a woman unafraid to wield influence in boardrooms and the halls of power.
Driving the ‘ex China’ Markets? Gina Rinehart
Source: Wikipedia
_Rare Earth Exchanges (_REEx) provides an overview of this powerful and influential woman, one who could go down in the history books. A woman who, if anyone can be called out as ushering in markets for rare earth elements outside of China, it will be Gina Rinehart.
Rare Earth Gambits Such As Lynas, MP Materials and Beyond
Rinehart’s rare earth shopping spree began in earnest mid-decade and accelerated recently. Her family company has snapped up major positions in the world’s top non-Chinese rare earth producers.
In April 2024, Hancock Prospecting stunned markets by revealing a 5.3% stake in MP Materials – owner of the only operating U.S. rare earth mine at Mountain Pass, California. That stake quickly increased to 8.5% by November 2024, making Rinehart one of MP’s biggest shareholders. MP Materials not only produces rare earth concentrations in California but is also completing a magnet manufacturing plant in Fort Worth, Texas to supply General Motors. Just a week after the initial MP buy, Rinehartalso quietly accumulated 5.82% of Lynas Rare Earths, the Australiancompany that runs the Mount Weld rare earth mine in Western Australia. Lynas is the largest rare earth producer outside China, feeding ore from Mount Weld to its processing plant in Malaysia and now expanding with a new processing facility in Kalgoorlie, WA (opens in a new tab) and another in Texas backed by the U.S. Department of Defense.
By early 2025, Rinehart’s Lynas stake had grown to about 8.2%, worth roughly $430 million reports Forbes Australia (opens in a new tab), and her MP Materials holding was valued over $300 million– part of an estimated A$800 million rare earth portfolio under her control.
Beyond these two big ones, Rinehart moved into development-stage and exploratory rare earth ventures. In December 2022, she took a 10% stake in Arafura Rare Earths—becoming its largest shareholder—to back Arafura’s Nolans Project in Australia’s Northern Territory.
Nolans promises to be a significant new source of neodymium-praseodymium (NdPr) for magnets, with on-site processing planned to supply about 5% of world demand by the 2030s as even cited (opens in a new tab) by the mass distributed British media– The Guardian.
The project has attracted heavy government support – more than $1 billion in Australian federal financing, highlighting its strategic importance (and sparking debate over public money boosting a Rinehart-backed venture). Not content with the U.S. and Australia, Rinehart also set her sights on South America: in 2023, Hancock Prospecting made a pre-IPO investment for around 6% of Brazilian Rare Earths (opens in a new tab) (ASX: BRE). That junior explorer is probing a promising rare earth province in Bahia, Brazil, with exceptionally high grades of both heavy and light rare earth elements as reported by REEx. BRE could be a candidate for a U.S. government partnership for supply chain resilience given their overarching plans. Of course, many detailed assumptions, as REEx discussed, must manifest.
By spanning producers on three continents – Lynas in Asia-Pacific, MP in North America, and BRE in South America, plus a new project at Nolans – Rinehart has crafted a geographically diversified rare earths bet aimed at breaking China’s near-monopoly.
Rinehart’s rare earth gambits haven’t been passive investments; she appears keen to shape the industry’s direction. In 2023, she reportedly encouraged merger talks between Lynas and MP Materials, hoping to “rationalize” the sector and create a united Western rare earth champion. Those talks stalled, but her simultaneous stake building in both companies immediately fueled speculation that she might revive the merger idea. “She obviously wants to potentially have a seat at the table if there’s any chance of consolidation,” observed one Lynas investor, noting Rinehart’s play across the whole rare earth space. In other words, Rinehart isn’t just along for the ride – she’s positioning herself as a power broker in critical minerals.
Deep pockets back her clout: Hancock’s iron ore cash flows give Rinehart the firepower to support or even “unite” the rare earth industry in the West. This activist approach, while applauded by some as visionary, has also raised eyebrows. After all, Rinehart is a mining magnate with a fierce reputation – and now she’s muscling into an industry central to high-tech and defense supply chains.
Ventures in Lithium, Nickel, and Other Strategic Minerals
Parallel to her rare earth foray, Rinehart has aggressively expanded into battery metals – especially lithium, which drives the electric vehicle boom. In 2023, she launched a blitz on Australia’s lithium sector, targeting both advanced developers and explorers. The most high-profile move was her stealth raid on Liontown Resources. (opens in a new tab) In September 2023, as U.S. giant Albemarle Corp. finalized a A$6.6 billion takeover of Liontown, Rinehart began quietly accumulating Liontown shares, reports Investor News Network. Within weeks, Hancock Prospecting had amassed a 19.9% blocking stake – just under the threshold to trigger a full bid. This maneuver effectively torpedoed Albemarle’s agreed takeover, since Rinehart’s holding could prevent the 75% shareholder approval needed.
By October, Albemarle walked away from the deal, frustrated by the “growing complexities” introduced by the surprise interloper, cited Reuters. (opens in a new tab)
Rinehart’s tactics earned her grudging respect as a savvy M&A tactician – but also the ire of Liontown investors who saw a lucrative buyout slip away. Liontown’s stock plunged nearly 26% after the bid collapsed, prompting headlines that “every Liontown shareholder must be hating Gina Rinehart right now”. Indeed, Albemarle’s offer had been a hefty premium($3.00/share, about double Liontown’s pre-bid price), so Rinehart’s intervention was viewed by some as robbing shareholders of an instant windfall, as suggested by the Reuters piece (opens in a new tab) by Antony Currie.
Now, Rinehart owns one-fifth of a standalone Liontown – which just began production at its Kathleen Valley lithium mine (opens in a new tab) – and speculation swirls that she may be waiting to swoop on the whole company at a bargain if its struggles persist, at least according to Melissa Pistilli writing for Investing News Network (opens in a new tab). It’s a high-stakes bet that has divided opinion: was she protecting a strategic Australian asset from foreign takeover, or simply engaging in “power-grabbing” at the expense of smaller investors?
Liontown wasn’t Rinehart’s only lithium coup in 2023. When Chilean lithium giant SQM moved to acquire Australian junior Azure Minerals – owner of the promising Andover lithium deposit in WA’s Pilbara – Rinehart again played spoiler. She snapped up 18.9% of Azure, enough to block compulsory acquisition. But instead of derailing the deal, Hancock Prospecting joined forces with SQM: the two struck a joint $1.7 billion agreement in late 2023 to co-develop the Andover project as partners, cites Pistilli at Investing News Network (opens in a new tab).
By May 2024, the deal closed, with Hancock and SQM sharing ownership of a major new lithium (and nickel) venture. This outcome painted Rinehart in a slightly different light—as a collaborator helping bring foreign capital (and expertise) together with local influence rather than solely a spoiler. Still, the pattern is clear: Rinehart will not hesitate to insert herself into big battery-metal transactions to secure a seat at the table.
Hancock Prospecting also poured money into smaller lithium plays. It invested in a November 2023 funding round for Delta Lithium, grabbing about 10.65% of that explorer/developer. The funds are earmarked to develop Delta’s Mt Ida lithium project, conveniently adjacent to one of Hancock’s iron ore tenements (the Mt Bevan project). Rinehart even cut a joint venture earn-in deal on Mt Bevan itself to explore its lithium, nickel, and copper potential, leveraging a legacy iron ore asset for multi-mineral upside. Internationally, she extended her reach to Europe’s lithium scene. Hancock Prospecting accumulated a 7.5% stake in Vulcan Energy Resources, an ASX-listed company developing a “Zero Carbon Lithium” project in Germany’s Rhine Valley.
By mid-2024, she had become the second-largest shareholder in Vulcan after investing an extra AU$20 million as the project hit milestones. Vulcan’s novel plan to extract lithium from geothermal brines for the European EV market aligns with the green tech theme of Rinehart’s critical minerals push. It’s a notable pivot for a magnate long associated with coal and iron, now backing clean energy metals in places as far-flung as Germany. All told, from nickel and cobalt byproducts at Andover to lithium ventures on three continents, Rinehart has built a formidable portfolio in the battery supply chain. Most of these projects remain in development (and thus carry risks), but if they succeed, Hancock Prospecting will be entrenched in the supply of key materials for electric cars, wind turbines, smartphones, and more.
Partnerships, Politics and Processing Power
Strategic partnerships and government alliances have aided Rinehart’s foray into critical minerals. Rather than build mines from scratch, she often buys into existing companies and works alongside experienced partners. In rare earths, her stakes in Lynas and MP Materials plug her into established producers with processing know-how. Notably, both companies have strong backing from governments aiming to secure supply chains outside China. The U.S. Department of Defense partially finances Lynas’s new processing plant in Texas, and Arafura’s Nolans project has received massive loans and grants from Australia’s government.
In fact, after Rinehart’s investment made Arafura a “Gina Rinehart-backed” company, the Australian federal government’s National Reconstruction Fund took an equity stake and boosted total taxpayer support for Nolans to over $1 billion. Similarly, in 2022, the government extended a $30 million grant to help Nolans build Australia’s first rare earth separation plant on-site.
Such public funding reflects the national strategic interest in these projects, but it has also prompted criticism. Political opponents have derided the subsidies as “billions in handouts to billionaires”, arguing public money is propping up ventures that will enrich magnates like Rinehart and her peers. (The irony of a center-left government funneling money into Rinehart-linked mines was not lost on observers; even Australia’s conservative Coalition opposition balked, slamming the policy as “billions for billionaires”.)
Rinehart’s camp rationally, however, frames it differently: as necessary co-investment to build critical mineral capacity that private capital alone shunned for years (opens in a new tab). They note that Western governments want industry veterans like Rinehart involved – her capital and resolve, combined with public support, can ensure projects actually get off the ground in time to counter China’s dominance. Yes, Gina Rinehart emerges as a key power broker for the “ex-China” rare earth element movement.
In lithium, Rinehart’s partnership with SQM at Azure Minerals demonstrated a willingness to work with foreign investors rather than simply block them, as Investing News Network cited again.
In a different critical commodity, copper, Hancock Prospecting recently partnered with Ecuador’s state-owned miner ENAMI to acquire major copper concessions—a sign that Rinehart is comfortable teaming up with governments abroad as well.
These alliances suggest a pragmatic approach: Rinehart leverages her deep pockets and political connections, while partners contribute technical expertise or regulatory access. This formula served her well in building the giant Roy Hill iron ore mine (where she brought in Asian steelmakers as equity partners), and now she’s replicating it in new sectors.
However, Rinehart’s growing footprint in critical minerals also means greater scrutiny of her political influence and tactics. As her investments span multiple continents and intersect with government-backed initiatives, questions arise about how she might sway policy to favor her interests.
Rinehart is no stranger to lobbying – she has long been an outspoken critic of regulations she sees as hindering mining. In Australia, she has used her considerable influence to push back on policies from mining taxes to environmental rules. For example, in 2023 she led industry opposition to Western
Australia’s new Indigenous heritage protection laws, arguing they were overreaching and would tie up development in red tape reported (opens in a new tab) AFR. She warned that even adding a “granny flat” in one’s backyard could be held up by the Aboriginal heritage regulations, which she called “shambolic”. Under pressure from miners (and farmers), the WA government ultimately scrapped the controversial heritage rule changes – a win that underscored Rinehart’s clout in policy debates. And perhaps when balancing all of the interests, the broader concerns for Australian and even Western autonomy reign supreme.
More broadly, she has campaigned against what she terms excessive “green tape.” Hancock Prospecting has even been reprimanded by regulators for misleading advertising after claiming that natural gas (one of Rinehart’s interests) is “clean” energy—a claim the ad watchdog found unsubstantiated theguardian.com (opens in a new tab). Such incidents feed into the narrative of Rinehart as a businesswoman unafraid to challenge environmental and regulatory constraints in pursuit of mining projects.
Internationally, Rinehart cultivates political connections as well. Notably, she forged a friendship with former U.S. President Donald Trump – attending his 2016 election night party and inauguration – at a time when Trump was championing U.S. critical mineral independence. Her alignment with Trump-era priorities (like bringing supply chains back from China) dovetailed with her rare earth investments in America. In another unlikely alliance, Rinehart found common cause with environmentalists and even a populist party in opposing a plan by mining rival Glencore to use a natural reservoir for carbon sequestration. In 2023, Gina Rinehart, farmers, One Nation politicians, and the Greens (typically polar opposites) all objected to a project to store CO₂ under the Great Artesian Basin, citing risks to groundwater.
This rare convergence showed that Rinehart’s interests (in this case, protecting water resources that her agriculture businesses rely on) can, at times, align with public or environmental concerns. But more often, she is cast as a polarizing figure: either a patriotic wealth creator investing in Australia’s future, or an ultra-wealthy power broker who expects governments to bend to her will.
Legal Battles and Public Backlash
With big investments often come big controversies, and Rinehart’s critical minerals push is no exception. While she hasn’t yet faced major courtroom showdowns over these specific projects, several ventures have been shadowed by conflict. Lynas Corp, in which Rinehart now holds a sizable stake, has a notorious history of environmental disputes at its Malaysian processing plant. For over a decade, Lynas has been dogged by protests and legal challenges from residents andactivists in Malaysia concerned about low-level radioactive waste fromits rare earth refinery reported Reuters (opens in a new tab) and many others. The issue became so heated that it almost cost Lynas its operating license; as recently as 2023, Malaysian authorities imposed conditions that forced Lynas to halt importing raw materials until it relocates certain processes to Australia. See The Edge Malaysia (opens in a new tab).
By buying into Lynas, Rinehart has indirectly inherited this controversy. Although Lynas insists its operations are safe, the “Save Malaysia, Stop Lynas” movement remains deeply distrustful. Save Malaysia, Stop Lynas” refers to a Malaysian campaign against the Lynas Advanced Materials Plant (LAMP), a rare earth processing plant in Kuantan, Malaysia. The campaign aims to stop Lynas from operating the plant and seeks the removal of its radioactive waste,which the campaign opposes due to environmental and healthconcerns.
Any misstep in handling the plant’s waste could reignite lawsuits or force Lynas (and by extension Rinehart’s investment) into costly compliance upgrades. It’s a reminder that rare earth processing, while strategic, brings thorny environmental baggage.
At Arafura’s Nolans project, community and environmental groups have so far been cautiously supportive but watchful. The Arid Lands Environment Centre has welcomed the renewable energy benefits of rare earths but voiced concerns over Nolan’s water usage in the arid outback. But make no mistake, the mine project has been deemed essential for the region (opens in a new tab).
Large volumes of groundwater are needed for the mine and processing, raising fears about impacts on local water tables. The project secured its environmental approvals after a detailed assessment in 2017, which included plans to manage groundwater and radioactive waste—see Arafura (opens in a new tab). Yet, just weeks before Arafura locked in that $840 million government loan package (opens in a new tab) in 2024, the company was fined for breaching environmental rules – a poor look when asking for public funds as cited in NT News (opens in a new tab) (Details of the infraction are scant, as the case didn’t gain wide publicity, but it underscores the need for strict compliance moving forward.). See David Crowe and the Sydney Morning Herald. Critics seized on the timing, questioning why taxpayer money was handed to a firm with recent environmental violations.
Arafura’s management has since been under pressure to prove it can meet all regulatory conditions as it builds the mine and separation plant. As a key backer, Rinehart will no doubt urge a smooth path – any legal challenges or delays would threaten the project timeline and the broader goal of establishing an Australian rare earth supply chain.
Rinehart’s bold corporate plays in the lithium sector also sparked backlash, if not formal litigation. The Liontown saga left a trail of anger among some investors who saw their takeover payday vanish. While not a lawsuit, there were calls for clearer takeover rules after Rinehart’s maneuver exploited a loophole in Australian law (Albemarle had declared its offer “best and final,” legally barring it from raising the bid, which Rinehart capitalized on). Some market analysts criticized this outcome as contrary to shareholder interests and market confidence. “Now she needs to show [Liontown] was more than a simple power-grab,” admonished one Reuters column (opens in a new tab), noting that Rinehart must help Liontown solve its funding and operational challenges to justify her intervention. Thus far, Rinehart has kept her plans for Liontown close to the vest – no public strategy or additional capital infusion has been announced.
This silence has left the market in suspense and contributed to volatility in Liontown’s share price, which remains well below the aborted bid price. If Liontown falters and needs cash, Rinehart could face a choice: step up to bankroll the project (and silence critics by proving she can build, not just block), or potentially watch her stake’s value erode and investors’ resentment grow. It’s a drama still unfolding, with high legal and financial stakes should any party feel aggrieved enough to litigate – for instance, if Rinehart were to attempt a full takeover on the cheap, minority shareholders could mount a challenge.
Even outside the boardroom, Rinehart courts controversy. Her public comments and familial disputes have occasionally spilled into the media, coloring the perception of her ventures.
She weathered a protracted legal battle with her own children over a multibillion-dollar family trust, an ugly saga that ran for years and only settled in 2023. The Guardian covered this saga at length. While unrelated to mining, the feud reinforced an image of Rinehart as combative and unyielding when vast sums are at stake—traits also evident in her business dealings. Looking at it from the vantage point, this trait is absolutely necessary for survival in the high-stakes world of mine and mineral investment.
Additionally, her decision to withdraw a $15 million sponsorship of Australia’s national netball team in late 2022, after players raised concerns about racist remarks her father made in the 1980s, sparked public debate about Rinehart’s values and corporate responsibility. She faced both backlash and support – some praised the players for taking a stand, others criticized Rinehart for abruptly pulling funding, showing how her persona can galvanize public opinion unexpectedly. Though not directly tied to rare earths or lithium, these incidents contribute to the critical-yet-cautious tone surrounding Rinehart’s every move.
The High-Stakes Balancing Act
Fast-paced and unapologetic, Gina Rinehart’s plunge into rare earths and critical minerals has made her a central figure in the West’s scramble to secure these resources. In just a few years, she has gone from iron ore heiress to a global player in “strategic minerals,” earning kudos for investing in supply chain independence, even as detractors warn of outsized influence and self-interest. On one hand, Rinehart’s capital and clout are breathing life into projects that could break China’s stranglehold on vital materials. She has demonstrated a shrewd vision, identifying undervalued opportunities (often when commodity prices dipped) and pouncing with “petty cash” bets that may yield huge strategic rewards. On the other hand, her maneuvers often blur the line between patriot and profiteer. Rinehart is unafraid to flex regulatory leverage – whether lobbying against laws she dislikes or leveraging takeover rules to her advantage – which has sometimes put her at odds with governments and communities. Each of her investments carries its own subplot of tensions: a community monitoring environmental impacts, a spurned rival licking its wounds, or a government balancing support with public scrutiny.
As head of Hancock Prospecting, Rinehart sits at the nexus of money, metals, and power. She has the ear of politicians (and isn’t shy about bending it) and the bankroll to influence industries that traditionally were outside private billionaires’ reach. The coming years will test how effectively she can convert her minority stakes into real outcomes – new mines producing, new processing plants running – without alienating stakeholders or triggering legal roadblocks. Suppose Arafura’s Nolan’s project hits its stride, for example. In that case, it will supply crucial magnet metals and stand as a case study in public-private partnership with Rinehart as a key catalyst. Should Lynas and MP Materials find common ground (perhaps with Rinehart’s nudging), it could form a powerhouse spanning Australia and America – again fulfilling her vision of a united front against Chinese dominance. Yet any misstep – a major environmental incident, or a perceived overreach of influence – could bring swift backlash given the high-profile nature of these minerals.
For now, Gina Rinehart is playing an outsized role in the critical minerals rush. She is at once a driving force for new development and a lightning rod for controversy. It’s a balance she has managed throughout her career: critical yet fair observers concede that while her tactics can be aggressive, her impact on Australia’s resources sector is undeniable. As the world hurtles toward a clean energy future dependent on rare earths, lithium, and more, Rinehart has positioned herself to be a kingmaker in that future–or at least to ensure that her interests are deeply interwoven with it. In doing so, she has effectively bet that the next chapter of her empire will be written not just in iron and coal, but in neodymium, lithium, and the other treasures of the 21st century’s resource race. Whether this grand bet ultimately pays off – and at what cost – will be watched as closely as any thriller, by friend and foe alike.
Sources
Numerous sources, from Forbes Australia and Investing New Network to Reuters, The Guardian, Hancock Prospecting investor news releases, various company releases, and Rare Earth Exchanges content, obtained Rinehart’s rare earth and lithium investment details. Media from Malaysia and Australia also used them.
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