MP Materials’ goal to become a national rare-earths “champion” that can go toe-to-toe with China was turbocharged by Pentagon investment and an Apple deal. But its journey there highlights the hurdles American producers face.

The coal company has started excavating its Wyoming critical minerals find. CEO Randy Atkins doesn’t want the Pentagon’s money, but he does want a U.S. strategic reserve.

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.

U.S. efforts to break China's dominance of the rare earths market and to drive investment in its own industry have moved up a gear with a Washington-backed plan to create a separate, higher pricing system.

USA Rare Earth, Inc. USAR +23.5% + Free Alerts is another U.S.-based company involved in the mining, processing and supply of rare earth elements and other critical minerals. Founded in 2019 and headquartered in Stillwater, Oklahoma, USARE is working to develop a vertically integrated domestic supply chain for rare earth element magnet production.

As of 11:13 a.m. ET, shares of USA Rare Earth are up 25.4%. While USA Rare Earth didn't have anything to report today, one of its leading peers did. MP Materials announced a $500 million partnership with Apple that will see the companies collaborate on the production of recycled rare-earth magnets.

U.S. Commerce Secretary said Nvidia's plans to start selling its H20 chips are tied to ongoing trade discussions with China regarding REEs.