Article by Adrian Rauso courtesy of the West Australian.
Gina Rinehart’s foray into rare earths in South America is off to a flyer, after Brazilian Rare Earths closed out its debut on the ASX up nearly 10 per cent.
BRE hit the bourse on Thursday following a $50 million initial public offering with shares priced at $1.47.
The rare earths explorer jumped as high as $1.70, before closing trade at $1.60 on an otherwise down day for the broader market.
Mrs Rinehart’s Hancock Prospecting is a major shareholder of BRE, holding a 5.85 per cent stake. WA mining identity Tolga Kumova and Whitehaven Coal are also understood to be key BRE shareholders.
BRE is developing the expansive Rocha da Rocha clay rare earths development in the Brazilian province of Bahia State, which hosts number of rare earths exploration projects.
BRE managing director Bernardo da Veiga said the success of the company to date was partly thanks to outstanding support from “leading international shareholders”.
