BUZZ-Miner MP Materials rises after China bans export of key minerals to US

Reuters12-03
BUZZ-Miner MP Materials rises after China bans export of key minerals to US

** Shares of U.S. rare earths producer MP Materials Corp MP.N rise 9.1% to $22.70 premarket

** China has banned exports to the U.S. of items related to the minerals gallium, germanium and antimony, which have potential military applications, its commerce ministry said on Tuesday

** The U.S. launched its third crackdown in three years on China's semiconductor industry on Monday, curbing exports to 140 companies

** China's export curbs strengthen the enforcement of existing limits on exports of the critical minerals, which Beijing began rolling out last year, but apply only to the U.S.

** As of last close, MP stock was up 4.8% YTD

(Reporting by Sukriti Gupta in Bengaluru)

((Sukriti.Gupta@thomsonreuters.com;))

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