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MP Materials (NYSE:MP) closed +8.8% in Tuesday’s trading to wrap up its strongest back-to-back gain since December, surging more than 19% during the period.
The likely impetus for the boost is a disclosure that Australian billionaire Gina Rinehart’s mining firm has taken a 5.3% stake in the company, adding to her rare earth investments.
In an SEC filing last week, MP Materials (MP) said Hancock Prospecting, owned by Rinehart, holds ~8.8M shares of the biggest U.S. producer of rare earths.
Also, the company announced last week it received a $58.5M award from the U.S. government to construct the first domestic rare earth magnet manufacturing facility.