Cleveland-Cliffs (CLF) stock rallied as much as 24% early Monday morning after the company announced it would redouble efforts related to mining for rare earth minerals, which has become one of the hottest commodities trades on Wall Street this year.
“Beyond steelmaking, the renewed importance of rare earths has driven us to re-focus on this potential opportunity at our upstream mining assets,” CEO Lourenco Goncalves said in the company’s earnings release.
“We have looked at all of our ore bodies and tailings basins, and two sites in particular, one in Michigan and one in Minnesota, show the most potential. At these two sites, geological surveys show key indicators of rare-earth mineralization. If successful, it would align Cleveland-Cliffs with the broader national strategy…more
Source finance.yahoo.com
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