Commodities & Energy

Reuters reveals U.S. Army to fund rare earths refiner; market reacts

Reuters reveals U.S. Army to fund rare earths refiner; market reacts

Reuters exclusively reported that the U.S. Army plans to fund construction of a rare earths processing facility, part of an urgent push by Washington to offset China’s monopoly over the strategic sector. The move is the first financial investment by the U.S. military into commercial-scale rare earths production since the Manhattan Project of World War Two. Rare earths are used to make much of the high-tech weaponry used by the Army, including bombs and night-vision goggles. Following the Reuters report, shares of UCore were up 40% and shares of Texas Mineral Resources were up 71%. Shares of other U.S.-focused rare earth companies were also up, including Rare Element Resources 27% and Medallion Resources 11%.