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London-listed rare earth producers surge on Pentagon comments

Henry Sanderson in London

Shares in London-listed rare earth miners surged on Thursday following reports the US Pentagon is looking to secure supplies of the niche minerals from outside China. Africa-focused miners Rainbow Rare Earths and Mkango Resources both jumped by over 40 per cent in morning trading on the news. The Pentagon has held talks with both companies following threats by Beijing to cut off supply to the country, Reuters reported, citing a material engineer at the Defense Logistics Agency speaking at a conference in Chicago.