USA Rare Earth (NASDAQ: USAR) stock, one of a handful of start-up companies attempting to jump-start rare-earth oxide mining and rare-earth magnet manufacturing in the United States, soared 19% through 1:20 p.m. ET Thursday.

USA Rare Earth announced today that its Less Common Metals subsidiary (get it? "Less common" is another way of saying "rare") has signed an agreement to supply Solvay and Arnold Magnetic Technologies Corporation, a subsidiary of Compass Diversified (NYSE: CODI), with "high-quality rare-earth materials for Arnold's production of advanced permanent magnets."

Image source: Getty Images.

Continue reading

Source Fool.com