The Pentagon is taking a big stake in a rare earth mining company, sending the stock up 60%

FILE PHOTO: Wheel loaders fill trucks with ore at the MP Materials rare earth mine in Mountain Pass

Reuters

• MP Materials Corporation surged as much as 60% on news that the Defense Department is taking a stake.
• The company owns and operates the only rare earth mine in the US in Mountain Pass, California.
• The DoD has agreed to purchase $400 million of its preferred shares.

The move: MP Materials Corp surged as much as 60% on Thursday, jumping to $48.01.

The...