Shares of Australian rare earths miners, including Lynas and Iluka Resources , soared on Friday after U.S.-based MP Materials' a multibillion-dollar deal with the U.S. government to boost production of rare earth magnets.

Shares of the mining company soared as high as $48.12, closing up about 51% at $45.23 apiece, while the S&P 500 and Dow Jones Industrial Average added 0.3% and 0.4%, respectively.