MP Materials has announced plans to expand rare earth mining and processing operations as Washington seeks to end its dependence on Chinese supplies.

Although the rare earth deposit in Purulia is relatively small, the development is significant as India looks to reduce dependence on imports of critical minerals essential for electric vehicles (EVs),

Iluka Resources (ASX:ILU) was the beneficiary of momentum driven by a decision from the US Pentagon overnight to buy a 15% stake in a listed REE smallcap in Las Vegas. Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week.