MP Materials Corp. shares rose more than 6% to a high of $62.46 on Wednesday. A Group of Seven (G7) announcement regarding critical mineral supply chains drove the rally.
G7 leaders agreed to establish a new platform to secure materials for the defense, technology, and energy sectors. The initiative aims to diversify supply chains and reduce Western reliance on China for rare-earth elements and permanent magnets.
MP Materials operates as the largest rare-earth producer in the Western Hemisphere. The G7 plan mobilizes public and private capital to develop domestic industrial capacity, including processing and recycling.