/

|

|

Rare earth magnet producer MP Materials Corp. secured a $400 million equity investment from the US Department of Defense to build a new plant, with a $1 billion financing commitment from JPMorgan Chase & Co. and Goldman Sachs Group Inc. The shares soared.

The operator of the US’s sole rare earth mine in Mountain Pass, California, will construct a second magnet manufacturing plant, called the 10X Facility, at a “soon-to-be-chosen” location, the company said in a statement. It jumped almost 50% in pre-market trading.