MP Materials (MP) Rallies 13.4% on Rare Earths Deal
MP Materials Corp. (NYSE:MP) is one of the .
MP Materials rose for a third day on Monday, jumping 13.42 percent to end at $34.65 apiece as investor sentiment was boosted by the United States and China's progress on rare earths mineral exports.
Last week, the US and China engaged in a three-day trade negotiation in London that was said to have focused on rare earths negotiations.
Under the agreement, China will loosen restrictions on rare earths, allowing companies to supply magnets and elements to US firms.
MP Materials Corp. (NYSE:MP)—the only rare earth producer in the US, also benefitted from the trade talks progress given its heavy reliance on Chinese companies in the refinery of elements.
Heavy machinery at work in a mining facility, excavating the earth for rare earth minerals.
It can be learned that MP Materials Corp. (NYSE:MP) stopped shipping mines to China for processing after the Chinese government previously slapped a 125-percent tariff on US imports.
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Disclosure: None. This article is originally published at Insider Monkey.
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