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.

MP Materials secures U.S. deal to boost rare earth output, cut China reliance, and stabilize EV and defense supply chains.

China signaled it would approve the export of rare earth minerals in a statement Friday hours after White House officials said that the US and China had signed a trade agreement to work out tensions linked to US access to the key material.