Gina Rinehart enters rare earths business in Brazil

Gina Rinehart-backed Brazilian Rare Earths will list on the ASX with a market capitalization of A$315 million (US$220 million).

Canaccord Genuity and Petra Capital are working to raise $32 million. Gina Rinehart’s Hancock Prospecting took part in the company’s pre-IPO raise. 

The company has 461 km² of tenements in Brazil with a maiden JORC resource of 169 million tonnes at 1,526 parts per million total rare earth oxides. 

The project in Bahia, North Eastern Brazil, is one of the few potential producers with offtake not already committed to China.

The project is accessible by sealed roads, has access to clean hydro power via existing high-voltage power lines, and is located <200km from a major deep-water port.