Trump administration officials have discussed taking a stake in Critical Metals Corp, Reuters reported, which would give Washington a direct interest in the largest rare earths project in Greenland, the Arctic territory that President Donald Trump once suggested buying.

If finalized, the deal would mark the latest political twist for the Tanbreez rare earths deposit, which former President Joe Biden successfully lobbied to have sold to New York-based Critical Metals for far less than a Chinese firm was offering.

Washington has recently taken stakes in Lithium Americas and MP Materials, underscoring Trump's desire for the U.S. to benefit from growing production of minerals used across the global economy.

Rare earth stocks surged in morning trading on Monday. Critical Metals rose 64%; American Resources rose 11%; Energy Fuels and Idaho Strategic Resources rose 8%; NioCorp Developments rose 6%; Perpetua Resources rose 5%; The Metals Company and MP Materials rose 4%; USA Rare Earth rose 2%; United States Antimony rose 1%.