MP Materials surges on defense deal to boost US rare earth magnet supply

Shares of rare earths producer MP Materials MP.N rise 46.8% to $44.32 premarket

Company enters public-private partnership with the U.S. Department of Defense (DoD) to accelerate the build-out of domestic rare earth magnet supply chain and reduce foreign dependency

MP says that with a multibillion-dollar package of investments and long-term commitments from DoD, it will construct its second domestic magnet manufacturing facility in the U.S.

Company expects to add additional heavy rare earth separation capabilities at its California-based Mountain Pass facility

Company expects to commission the facility in 2028

Up till last close, stock up 92.5% YTD