Shares of Lynas Rare Earths (ASX:LYC) surged over 18% in recent trading on Friday, reaching their highest point in over three years, while those of Iluka Resources (ASX:ILU) soared more than 19%.
This came after US-based MP Materials entered a multibillion-dollar public-private partnership with the US Department of Defense to create an end-to-end US rare earth magnet supply chain.
The department entered into a 10-year agreement establishing a price floor commitment of $110 per kilogram for MP Materials' neodymium-praseodymium products stockpiled or sold.
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