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

Shares of rare earths producer MP Materials MP.N surge 56.1% to $46.91 in morning trade

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

Including session's gains, stock up 202.7% YTD