The Pentagon agreed to purchase $400 million of preferred stock in MP Materials, which operates the only rare earth minerals mine in the United States, the company announced on Thursday.

The mine, located in Mountain Pass, California — 60 miles southwest of Las Vegas — extracts rare earth minerals that are vital for the U.S. military, CNBC reported. The Defense Department’s move is part of the Trump administration’s plan to break its dependence on China for rare earths, a goal that Interior Secretary Doug Burgum discussed in April.

“This initiative marks a decisive action by the Trump administration to accelerate American supply chain independence,” said James Litinsky, Founder, Chairman, and CEO of MP Materials. “We are proud to enter into this transformational public-private partnership and are deeply grateful to President Trump, our partners at the Pentagon, and our employees, customers and stakeholders for their unwavering support and dedication.”

Rare earths are used to produce magnets that are incorporated into critical U.S. military weapons systems, including those for drones, submarines, and the F-35 fighter jet, CNBC reported. Shortly after taking office, Trump signed an executive order to ramp up American rare earth mining, bemoaning the fact that 70% of the United States’ imports of rare earths come from China. Trump stated that he wants to make the United States “the leading producer and processor of non-fuel minerals, including rare earth minerals.”

China currently produces around 60% of the world’s rare earths and refines nearly 90%, according to the Center for Strategic and International Studies. Rare earth minerals are also used to manufacture electronics, including smartphones and laptops, as well as electric vehicles and renewable energy technologies. After Trump levied tariffs on China, the communist country halted shipments of rare earth minerals to the United States. The administration announced late last month that it had reached an agreement with China to restart rare earth imports.

MP Materials’ agreement with the Pentagon will result in the construction of the company’s “second domestic magnet manufacturing facility (the ’10X Facility’) at a soon-to-be-chosen location to serve both defense and commercial customers.” The “10X Facility” is expected to be completed in 2028, which will boost MP Materials’ manufacturing capacity to 10,000 metric tons, according to the company. The Pentagon’s agreement with MP Materials is for 10 years and establishes “a price floor commitment” to ensure that the company is protected from “non-market forces.”

Shares of MP Materials jumped nearly 50% on Thursday, hitting $44 as of Thursday morning. The company’s all-time high was $56.54, reached on April 1, 2022.

News of the agreement comes shortly after Sen. Tom Cotton (R-AR) introduced a bill to expedite the extraction of rare earth elements in the United States, aiming to better protect America’s national security.

“Current environmental laws put our readiness to counter Communist China at risk and waste taxpayer dollars on projects that stall out and die on the vine,” Cotton told Fox News Digital. “This bill will create jobs, better arm and prepare our soldiers, and spend taxpayer dollars more efficiently.”

Two days after President Donald Trump expressed disappointed with Russian President Vladimir Putin, Russia launched another major missile and drone attack at Ukraine’s capital overnight Wednesday, killing at least two people and wounding 16 more, according to Ukrainian President Volodymyr Zelensky.

Ukrainian police said on Thursday morning that Russian missiles struck eight different districts in Kyiv, targeting residential areas, the BBC reported.

“Residential buildings, vehicles, warehouses, office and non-residential buildings are burning,” said Tymur Tkachenko, head of the Kyiv Regional Administration. According to the Ukrainian government, a 68-year-old woman and a 22-year-old police officer were killed at a metro station during Russia’s bombardment.

Zelensky added that Russia fired 18 missiles and launched 400 drones targeting Kyiv. The latest Russian offensive came just one night after Putin hit Ukraine with the largest drone and missile attack since the start of the war.

“This is a clear escalation of terror by Russia — hundreds of ‘shaheds’ every night, constant strikes, and massive attacks on Ukrainian cities,” Zelensky posted on X. “This demands that we speed things up. Sanctions must be imposed faster, and pressure on Russia must be strong enough that they truly feel the consequences of their terror. There’s a need for quicker action from our partners in investing in weapons production and advancing technology.”

Last night, Russia launched a massive combined strike that lasted nearly 10 hours. 18 missiles, including ballistic ones, and around 400 attack drones were used — nearly 200 of them were "shaheds."

The main target of the attack was Kyiv and the region. Chernihiv, Sumy, Poltava,… pic.twitter.com/jtBo0YYQ8d

— Volodymyr Zelenskyy / Володимир Зеленський (@ZelenskyyUa) July 10, 2025

As President Trump continues to seek a peace deal between Russia and Ukraine, Putin has stepped up his aggression in the war. Trump has grown increasingly frustrated with Putin, telling reporters on Tuesday, “We get a lot of bulls*** thrown at us by Putin, if you want to know the truth. He’s very nice to us all the time, but it turns out to be meaningless.”

Trump said earlier this week that the United States will send more defensive weapons to Ukraine, so the country can “defend themselves.”

“I’m disappointed, frankly, that President Putin hasn’t stopped,” Trump added.

Some Republicans in Congress, led by Speaker Mike Johnson (R-LA) in the House and Sen. Lindsey Graham (R-SC) in the Senate, are pushing Trump to impose sanctions on Russia and punish Putin for his refusal to work with Ukraine and the United States on a peace agreement. The president is reportedly considering the idea of hitting Russia with new sanctions and punishing nations that trade with Putin.

“[Trump] told me he thought it would be helpful,” Graham said, referring to his bill that would place a 500% tariff on any country that imports Russian uranium, gas, or oil. “We want to be a team. We want to help the president. This is an effort to give the president leverage he doesn’t have today.”