Hancock Prospecting completed the acquisition of a 5.3% stake in MP Materials for $212m.

Hancock Prospecting, a mining firm, completed the acquisition of a 5.3% stake in MP Materials, a rare-earths producer, for $212m. A deal between Lynas and the Las Vegas-headquartered MP would have brought together the two biggest rare earths miners outside of China, which has a stranglehold on the market for the precious materials that are used in industrial magnets, electric vehicles and defence technology.