Shares of Australian rare earths miners, including Lynas and Iluka Resources , soared on Friday after U.S.-based MP Materials' a multibillion-dollar deal with the U.S. government to boost production of rare earth magnets.

Company’s stock rallies on U.S. support to build the 10X Facility as its second domestic magnet-manufacturing plant

The Department of Defense struck agreements with MP Materials to accelerate the build-out of the country’s rare earth magnet supply chain, the company announced Thursday.