MP Materials, Defense Dept
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China, MP Materials and Rare Earth
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Zacks.com on MSNMP Materials (MP) Moves 50.6% Higher: Will This Strength Last?MP Materials (MP) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the near term.
As of 10:17 a.m. ET on Friday, shares of MP Materials stock had climbed 6.5%.
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GlobalData on MSNMP Materials and DoD to expand US rare earth magnet supply chainUS-based rare earth producer MP Materials has entered a public-private partnership with the US Department of Defense (DoD) to advance the domestic rare earth magnet supply chain and lessen reliance on foreign sources.
MP Materials (NYSE: MP) is up 50% today after an announcement that the Department of Defense is buying $400 million of preferred stock in the company. This will make the Pentagon the largest shareholder here.
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The Department of Justice announced a $400 billion investment in MP to fund a huge rare earths processing plant expansion. In conjunction, the DoD agreed to a long-term purchase agreement with a minimum price and volume commitments.