Shares of USA Uncommon Earth jumped in prolonged buying and selling Thursday, after CEO Barbara Humpton advised CNBC that the uncommon earth miner is “in shut communcation” with the White Home.
Humpton’s remark comes after the Trump administration took a 5% fairness stake in Lithium Americas this week. The Protection Division took a 15% stake in uncommon earth miner MP Supplies in July.
“We’re in shut communication with the administration,” Humpton advised CNBC’s Morgan Brennan when requested whether or not USA Uncommon Earth was enthusiastic about a cope with the Trump administration.
USA Uncommon Earth inventory yr thus far.
USA Uncommon Earth shares had been final up about 6% after hours. Its inventory gained 23% in common buying and selling Thursday and has almost doubled this yr.
“This can be a subject the place it is not going to be a zero sum sport,” Humpton mentioned of the uncommon earth provide chain. “It may take numerous gamers to construct out this market.”
USA Uncommon Earth is creating a mine in Sierra Blanca, Texas, and a magnet manufacturing facility in Stillwater, Oklahoma. Humpton mentioned she helps the Trump administration’s offers with MP and Lithium Americas.
“What we’re doing is preserving the administration knowledgeable of our personal plans,” she mentioned.
The adminstration has mentioned it’s making the investments to assist assist the trade and break U.S. dependence on China.