Shares of Australian rare earths miners, including Lynas and Iluka Resources , soared on Friday after U.S.-based MP Materials' a multibillion-dollar deal with the U.S. government to boost production of rare earth magnets.

Pentagon buys 15% of MP Materials in $400 million rare earth deal. Stock jumps 50% as US fights China's grip on vital magnets for F-35 jets and EVs.

Shares of two of the biggest U.S. rare earths producers, MP Materials and USA Rare Earth, slumped Friday after officials from the White House and China confirmed the framework of a new trade deal.