Investors are racing to back rare earth companies, sending their shares to record highs, as Donald Trump’s attempt to break China’s stranglehold on the supply of critical minerals electrifies the once sleepy sector.
The White House is pursuing increasingly radical steps to kick-start the production of rare earths outside China, which has long dominated the supply of minerals used in smartphones, electric vehicles and fighter jets.
Shares of US-listed companies MP Materials, USA Rare Earth and Australia’s Lynas have more than doubled this year, as Trump has ratcheted up support for an industry that has struggled to compete with low-cost producers in China.
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