We recently published 10 Stocks Crushing Wall Street With Massive Gains. Energy Fuels Inc. (NYSEAmerican:UUUU) was one of the top performers on Tuesday.
Energy Fuels snapped a three-day losing streak on Tuesday, jumping 16.75 percent as investors loaded portfolios in rare earth stocks following President Donald Trump’s aggressive stockpiling initiative.
Called the Project Vault, the US would create an inventory of rare earth minerals critical to the production of various industries such as semiconductors, automotive, gadgets, batteries, electric cars, and military applications, among others, as it aims to boost domestic production and reduce reliance on China.
Under the project, companies that have pledged to buy materials at a specific inventory will pay upfront fees and provide Project Vault a list of their preferred materials, and they will also agree to repurchase the same amount at the same price in the future.
According to Trump, the Project Vault stockpile can include anything listed by the Interior Department as “critical,” and could list more than 50 minerals.
The positive sentiment spilled over to Energy Fuels Inc. (NYSEAmerican:UUUU), originally a uranium company gradually transitioning to mining other rare earth elements, as well as its counterparts.
In recent news, Energy Fuels Inc. (NYSEAmerican:UUUU) acquired a 100 percent stake in Australian Strategic Materials Ltd. for $299 million, creating what it believes will be the largest, fully-integrated REE mine-to-metal and alloy producer outside of China.
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Disclosure: None. This article is originally published at Insider Monkey.
