Australian rare earth miner surges as much as 29% after U.S. Department of War investment

An Australian scandium mining company received investment backing from the U.S. Department of Defense as part of efforts to develop domestic and allied sources of critical minerals. The company's stock rose as much as 29% following the announcement. Scandium is used in aerospace and defense applications. The investment is intended to reduce U.S. reliance on Chinese supplies of rare earth and critical minerals.

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