Interior Secretary Doug Burgum said in April the Trump administration was considering equity investments in critical mineral producers to compete with China.

The Defense Department on Thursday became the largest shareholder in MP Materials, which owns the only rare earth mine in the U.S., amid a surge in demand for rare earths mined in the U.S. as China has curbed its rare earth exports amid a trade war with the U.S.

Rare-earth firm MP Materials (MP) stock is skyrocketing after the company announced a deal for the US Department of Defense to buy $400 million of company shares. The Pentagon will be the company's largest shareholder as part of the US government's efforts to reduce China's rare earth metal dominance.

The Defense Department is buying $400 million of stock in rare-earth mining company MP Materials as it seeks to boost domestic sources of the critical minerals.

James Litinsky, MP Materials chairman and CEO, joins CNBC's 'Squawk on the Street' to discuss the company's deal with the Defense Department, in which the Pentagon will become the largest shareholder in the rare earth miner.

MP Materials announces a public-private partnership with the US Department of Defense to accelerate the build-out of an end-to-end US rare earth magnet supply chain.

In a decisive action to bolster the U.S. supply chain for rare earth magnets—essential elements for fighter jets, missiles, and electric vehicles—the

The U.S. Department of Defense plans to continue working with rare earths companies to ensure diverse American supply of the critical minerals used across the economy, a defense official told Reuters on Tuesday.