Shares of USA Rare Earth jumped in prolonged buying and selling Thursday, after CEO Barbara Humpton informed CNBC that the uncommon earth miner is “in close communication” with the White House.
Humpton’s remark comes after the Trump administration took a 5% equity stake in Lithium Americas this week. The Defense Department took a 15% stake in uncommon earth miner MP Materials in July.
“We are in close communication with the administration,” Humpton informed CNBC’s Morgan Brennan when requested whether or not USA Rare Earth was thinking about a deal with the Trump administration.
USA Rare Earth inventory 12 months up to now.
USA Rare Earth shares have been final up about 8% after hours. Its inventory gained 23% in common buying and selling Thursday and has almost doubled this 12 months.
“This is a field where it will not be a zero sum game,” Humpton stated of the uncommon earth provide chain. “It’s going to take a lot of players to build out this marketplace.”
USA Rare Earth is growing a mine in Sierra Blanca, Texas, and a magnet manufacturing facility in Stillwater, Oklahoma. Humpton stated she helps the Trump administration’s offers with MP and Lithium Americas.
“What we’re doing is keeping the administration informed of our own plans,” she stated.
The adminstration has stated it’s making the investments to assist assist the business and break U.S. dependence on China.