Gina Rinehart-Backed Brazilian Rare Earths Raises $78 Million

Brazilian Rare Earths Ltd., backed by richest Australian Gina Rinehart, raised A$120 million ($78 million) selling new shares as it seeks to develop a project for the key materials used in electric vehicles and defense equipment. The stock surged as much as 12% after reopening Tuesday.

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Before entering a trading halt on Monday, Brazilian Rare Earths had a market value of about A$1.24 billion, with Rinehart’s closely held Hancock Prospecting Ltd. holding a 5% stake. The billionaire, who accumulated her wealth through developing massive iron ore ...