05:07 PM EDT, 06/12/2025 (MT Newswires) -- (Updates with MP Materials' ( MP ) reply in the fifth paragraph. Updates stock move in the fourth paragraph.)

MP Materials ( MP ) may be the prime beneficiary of a Trump administration plan to boost US rare earth production, Bloomberg reported Thursday.

The Trump administration is developing a plan to use Cold War-era powers to support rare earth projects that it sees as critical to national security, the report said, quoting unnamed sources familiar with the matter.

Deputy Defense Secretary Steve Feinberg is working to arrange funding for MP Materials ( MP ), which is the sole domestic producer of rare earths, Bloomberg reported.

The company's shares were rising past 3% in recent after-hours activity.

MP Materials ( MP ) declined to comment in reply to a request by MT Newswires.

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