The Trump administration has agreed to take a major stake in an American rare earths producer backed by billionaire businesswoman Gina Rinehart in a move that has sent the shares in ASX-listed peers soaring.
MP Materials is the largest rare earths miner in the United States and operates the Mountain Pass project south of Las Vegas. Its previous owner, Molycorp, collapsed in 2015 owing billions of dollars and the mine was only restarted in 2018 after being acquired by MP Materials.
