Pentagon to become largest shareholder in rare earth magnet producer MP Materials; shares surge 40%

8 hours ago 1

A wheel loader operator fills a truck with ore at the MP Materials rare earth mine in Mountain Pass, California, January 30, 2020.

Steve Marcus | Reuters

The Defense Department will become the largest shareholder in rare earth miner MP Materials after agreeing to buy $400 million of the company's preferred stock.

Shares of MP Materials jumped more than 40% premarket on the news.

This is a developing story. Please check back for updates.

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