India, July 10 -- MP Materials Corp. (MP) shares jumped 46.75 percent to $44.07 after announcing a major public-private partnership with the U.S. Department of Defense to expand domestic rare earth magnet production and reduce foreign reliance.
Shares opened at $48.10 and traded between $42.86 and $48.01 on heavy volume of over 60.9 million shares, far above the daily average. The stock is now near the top of its 52-week range of $10.02 to $48.01.
The multibillion-dollar initiative includes the construction of a second U.S.-based magnet manufacturing facility, expected to start commissioning in 2028, boosting capacity to 10,000 metric tons annually.
For comments and feedback contact: editorial@rttnews.com
Published by HT Digital Content...