Shares of USA Rare Earth (NASDAQ:USAR) jumped more than 9% in premarket trading Friday after CEO Barbara Humpton confirmed ongoing talks with the White House.
According to a CNBC report late Thursday, Humpton stated that the rare-earth magnet producer is “in close communication” with the White House.
The stock’s rise comes amid a series of government actions in the critical minerals sector. Earlier this week, the U.S. government confirmed a stake in Lithium Americas (NYSE:LAC).
This follows the administration’s July announcement of a public-private partnership with rare-earths producer MP Materials (NYSE:MP).
Rare earth elements are crucial for a range of advanced technologies, including electric vehicles, wind turbines, and defense systems.
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