The Trump administration's push to secure U.S. supply chains of rare earth minerals amid trade tensions with China features a public-private partnership with a domestic producer that now has the Pentagon as its largest shareholder.

In July, the Department of War announced a multibillion-dollar deal involving investments and long-term purchase commitments to buy materials from MP Materials, which is involved with mining rare earth minerals as well as processing and refining the metals and manufacturing magnets.

The War Department made a $400 million investment in MP Materials' preferred stock, which the company is using to expand its rare earths separation and processing capabilities, as well as its magnet production capacity to better meet the demand from defense and commercial

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