Shares of Trilogy Metals jumped sharply on Oct. 7 after the White House said it would buy a 10 percent stake in the Canadian mining company.
Trilogy’s U.S.-listed stock rose to $5.69 in premarket trading, giving the company a value of nearly $1 billion.
The company, based in Vancouver, works in Alaska’s Ambler mining district through a joint venture with Australia’s South32. South32 shares also gained, climbing more than 6 percent, to their highest in nearly two months.
The investment in Trilogy is part of a broader U.S. effort to secure critical minerals and reduce reliance on China. In recent years, Washington also has supported semiconductor makers and rare-earth producers seen as important for national defense….