(Reuters) -Australia’s richest person Gina Rinehart has doubled down on her holdings in Australia’s Arafura Rare Earths, even as shares of the developer fell by more than a fifth of its value on Wednesday due to a discounted share placement.

Rinehart’s Hancock Prospecting has raised its stake in Arafura to nearly 15.7% with a commitment of around A$125 million ($81.22 million).

It previously held a 7.19% stake in Arafura, according to data compiled by LSEG.

Arafura said it will raise around A$475 million via a two-tranche placement at an offer price of A$0.28 per share.

The placement price represents a more than 25% discount to its last close on Tuesday, sending shares 22.7% down to A$0.29 in its weakest trading session since June 2021.

The stock touched its lowest level since October

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