MP Materials has announced plans to expand rare earth mining and processing operations as Washington seeks to end its dependence.

MP Materials unveiled a multibillion-dollar deal with the U.S. government on Thursday to boost output of rare earths and help loosen a stranglehold by top producer China on the minerals vital for military applications,

Lynas Rare Earths (OTCPK:LYSDY) (OTCPK:LYSCF), the largest rare earths producer outside China, soared as much as 20% to its highest level since mid-August 2022, on track for its best trading day since April 2020 after MP Materials' (MP) deal with the U.