Intel stock extends gains after report of possible U.S. government stake
Investing.com - Shares in The Metals Company (NASDAQ:TMC) and rare earths miner MP Materials (NYSE:MP) surged in premarket U.S. trading on Monday following a report that U.S. President Donald Trump was considering an executive order enabling the stockpiling of deep-sea metals.
Over the weekend, the Financial Times reported that the White House was drafting the order, which was viewed as a move by Washington to counter Chinese dominance in the crucial rare earth and minerals industries.
The stockpiles would lead to the creation of "large quantities ready and available on U.S. territory to be used in the future," especially in case a conflict with Beijing constrains access to metals and rare earths, the report said.
The FT added that the stockpile is being seen as a piece of a broader effort to fast-track deep-sea mining applications and promote onshore processing capacity.
In response to steep tariffs from the Trump administration last week, China slapped export restrictions on some rare earth elements, threatening to stem the flow to the U.S. of minerals needed in everything from smartphones to car batteries.
China is one of the most dominant players in minerals, holding around 90% of the world’s rare earths -- typically defined as a collection of 17 elements that play a key role in the production of electronic items and defense products. Most U.S. imports of these rare earths come from China.
(Reuters contributed reporting.)