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.

MP Materials secures U.S. deal to boost rare earth output, cut China reliance, and stabilize EV and defense supply chains.