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,

Rare-earth miner MP MaterialsMP soared during stock market trade on Thursday after announcing a multibillion dollar public-private partnership with the U.S. Department of Defense to "dramatically accelerate the build-out of an end-to-end U.

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