Rinehart invests $50M in X-ray tech for ore, cancer

Gina Rinehart, Australia’s richest person, is backing California-based Lumitron Technologies with a $50 million investment to commercialize high-resolution imaging technology used to improve ore processing and cancer detection.

The investment will help commercialize Lumitron’s HyperView very high-energy electron beam technology, which the company says delivers up to 1,000 times the resolution of conventional X-ray systems. 

Lumitron’s imaging technology for medical and industrial applications can be used in mining to identify mineral composition, detect contaminants and help operators selectively process higher-grade ore.

“The technology enables mining operators to selectively process higher-value ore, thereby improving recovery rates while potentially reducing energy consumption and overall processing costs,” Rinehart said.

The investment could double to $100 million later this year, according to Lumitron, with Hancock Prospecting also gaining board representation. The deal deepens Rinehart’s push into technologies supporting the critical minerals sector while reflecting her longstanding commitment to breast cancer initiatives following the death of her mother, Hope Rinehart, from the disease.

Strategic expansion

The move follows Hancock Prospecting’s acquisition of a $1 billion stake in Elon Musk’s SpaceX after its record-breaking initial public offering earlier this month. Rinehart also owns a direct stake in Tesla valued at about $6.6 million and recently increased Hancock’s investment in Arafura Rare Earths (ASX: ARU).

Her portfolio already includes major positions in rare earths producers, including MP Materials (NYSE: MP), Lynas Rare Earths (ASX: LYC) and Brazilian Rare Earths (ASX: BRE), underscoring Hancock’s strategy of expanding beyond iron ore into critical minerals and related technologies.

As executive chair of Hancock Iron Ore, created through last year’s merger of Roy Hill and Atlas Iron, Rinehart has introduced pink haul trucks, mining equipment and personal protective equipment across operations to raise awareness and funding for breast cancer initiatives.