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Investing.com-- Shares of Australian critical minerals companies rose on Thursday after a Reuters report said that the U.S. government is offering to acquire stakes to expand supply and reduce reliance on China.
The push comes as part of a strategy to diversify mineral supply chains, following China’s restrictions on rare earths and permanent magnets in response to U.S. tariffs.
Critical minerals, including lithium, cobalt, and rare earths, are essential for clean energy technologies, semiconductors, and defense applications.
Sydney-listed Pilbara Minerals (ASX:PLS) stock jumped 5% on Thursday, while shares of Lynas Rare Earths (ASX:LYC), the biggest rare earths supplier outside China, rose more than 2%.
Alkane Resources (ASX:ALK) shares rose 3.5%, while Northern Minerals (ASX:NTU) stock climbed nearly 6%.
Australia’s broader S&P/ASX 300 Metals & Mining jumped over 2% on Thursday.
Earlier this week, a Reuters report said that the U.S. Department of Energy will acquire 5% stakes in Lithium Americas Corp (TSX:LAR) and its Thacker Pass joint venture with General Motors (NYSE:GM).