MP Materials (MP.US) closed up 8.8% on Tuesday, the strongest consecutive gain since December.
The Zhitong Finance App learned that MP Materials (MP.US) closed up 8.8% on Tuesday, the strongest consecutive increase since December, surging nearly 19% in two days. According to the disclosure, Australian billionaire Gina Rinehart (Gina Rinehart)'s mining company already holds 5.3% of the company's shares to increase investment in the rare earth sector, which may be the reason behind the recent surge in the stock.
In a document submitted to the US Securities and Exchange Commission (SEC) last week, MP Materials said that Hancock Exploration, a subsidiary of Reinhart, holds approximately 8.8 million shares of the largest rare earth producer in the US.
Additionally, the company announced last week that it has received an award of 58.5 million US dollars from the US government to build the first domestic rare earth magnet production facility.