Lynas (ASX:LYC) share price hits multi-year high as China moves to squeeze rare earth supply // The Motley Fool Australia

The Lynas Rare Earths Ltd (ASX: LYC) share price finished off at $6.11 today having powered up over 13% to reach its highest price since May 2013.

Lynas has a portfolio of aligned assets to explore, develop, mine and process rare earth minerals. Its main asset is the Mt Weld rare earth deposit in Western Australia.

So what sent the Lynas share price to the sky today?

Lynas share price soars as China fights with the US

According to the Australian Financial Review (AFR), China wants to curb the exports of rare earth minerals that are crucial to US defence contractors such as Lockheed Martin Corp. 

These rare minerals are used to manufacture sophisticated weaponry and F-35 fighter jets. Fighter jets, for example, rely heavily on rare…