USA Rare Earth (USAR) said Friday that it has completed its previously announced $2.8 billion cash-and-stock deal to acquire rare earth mining company Serra Verde Group.

The deal expands USA Rare Earth's assets in the US, the UK and France, it said.

Serra Verde's first stage of optimization and commissioning program for its Goias, Brazil, operation is expected to reach a run-rate of about 4,000 tons per year of total rare earth oxide production by the end of 2026, with the second stage now underway, which targets average production of 6,400 tons per year, USA Rare Earth said.

Shares of USA Rare Earth were up 5.1% pre-bell.