By Colin Kellaher

USA Rare Earth has hired Siemens executive Barbara Humpton as the mining and magnet company's new chief executive and inked a deal to buy rare earth metal and alloy producer Less Common Metals, or LCM, for about $217 million in cash and stock.

USA Rare Earth on Monday said it will pay $100 million in cash and 6.74 million shares for U.K.-based LCM, which it said is the only proven ex-China producer of both light and heavy rare earth permanent magnet metals and alloys.

The deal comes as the U.S. works to break China domination of the rare earth market, where it controls about 85% of global processing capacity.

USA Rare Earth, which is building a 5,000-ton magnet production facility in Stillwater, Okla., said the acquisition will accelerate its mine-to-magnet strategy and establish an end-to-end rare earth supply chain.

The deal is slated to close by the end of the year.

USA Rare Earth said Humpton, who currently serves as president and CEO of Siemens USA, will join the company on Oct. 1, succeeding Josh Ballard, who will stay on in a consulting capacity through the end of October.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 29, 2025 06:37 ET (10:37 GMT)

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