(Bloomberg) -- Billionaire mining magnate Gina Rinehart has amassed a 5.82% stake in Lynas Rare Earths Ltd. via her private company Hancock Prospecting Ltd.

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Rinehart and Hancock became substantial shareholders of the Sydney-listed company on Friday, according to a Lynas statement sent on Tuesday evening.

Lynas is one of the only rare earths producers outside China — which dominates global rare earths production — with a mine and processing plant in Western Australia and a refinery in Malaysia. Rinehart has taken strategic positions in a number of critical minerals companies with large footprints across Australia, including Arafura Rare Earths Ltd., Liontown Resources Ltd., and Vulcan Energy Resources Ltd.

Rinehart’s $1.1 billion takeover of Azure Minerals Ltd. in partnership with Sociedad Química y Minera de Chile was approved by shareholders this month.

Earlier this year, Lynas was in discussions with MP Materials Corp. over a potential merger, but this failed to materialize.

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