The money will allow the business, with operations including a mine in California and a factory in Texas, to dramatically increase production of the magnets needed for fighter jets, electric vehicles,

Rare earth magnets are used in tech like wind turbines, electric vehicles, defense systems and electronics. China dominates rare earths, but Apple and the U.S. Department of Defense are among a growing number of entities trying to shift their supply chains to the U.

Continue » Shares of USA Rare Earth stock are down 7.1% through 1:55 p.m. ET Wednesday, and the reason is simple: USA Rare Earth is not MP Materials. Not even close. In contrast to MP, which has active rare earths mining operations,