$MP MP Materials, Rare Earth Net Widened
The White House backs Department of Commerce findings that imports of NdFeB rare earth magnets constitute a national security risk, triggering more efforts to develop a domestic supply base. Shares in MP Materials, which operates a rare earth mine in California and is developing a processing facility in Texas, up 3.5%. The magnets are widely used in defense and electric vehicles. MP has a deal with General Motors and has been awarded two Pentagon contracts.
Another company traded in the U.S. has rare earth elements and precious metals.
$WALRF MEGAWATT LITHIUM & BATTERY METALS CORP
The Company holds a 100% undivided interest, subject to a 1.5% NSR on all base, rare earth elements and precious metals, in the Cobalt Hill Property, consisting of eight mineral claims covering an area of approximately 1,727.43 hectares located in the Trail Creek Mining Division in the Province of British Columbia, Canada. Additionally, the Company has acquired an 80% interest in a company that indirectly holds a 100% interest (subject to a 2% NSR) in two prospective silver-zinc projects in Australia, being the Tyr Silver Project and the Century South Silver-Zinc Project (see press release dated October 15, 2020), an indirect 100% interest (subject to a 1% NSR) in and to certain mining tenements in Northern Territory and New South Wales, Australia prospective for nickel cobalt-scandium and rare earths and a 100% interest (subject to a 2% NSR) in and to the Route 381 Lithium Property, comprised of 40 mineral claims located in James Bay Territory, north of Matagami in the Province of Quebec, covering 2,126 hectares (see press release dated February 3, 2021) and 229 additional mineral exploration claims ("the new claims") in the James Bay area of Quebec. The new claims cover an area of 12,116 hectares or 121 square kms.
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