MP Materials unveiled a multibillion-dollar deal with the U.S. government on Thursday to boost output of rare earths and help loosen a stranglehold by top producer China on the minerals vital for military applications,

MP Materials secures U.S. deal to boost rare earth output, cut China reliance, and stabilize EV and defense supply chains.

MP Materials has announced plans to expand rare earth mining and processing operations as Washington seeks to end its dependence.