U.S.-listed rare earth miners surged in premarket trading on Tuesday after President Donald Trump announced the critical mineral reserves.

critical metals up 6.3%, American Rare Earth rose 4.7%, and MP material The increase was nearly 4%. shares energy fuel rose 3.6%, while Idaho Strategic Resources Soared 6.2%.

It comes after Trump on Monday outlined details of Project Vault, the first strategic mineral reserve project designed for the U.S. private sector.

The plan will bring together $1.67 billion in private capital and a $10 billion loan from the Export-Import Bank of the United States, according to White House officials.

China is the undisputed leader of the critical minerals supply chain, responsible for nearly 60% of global rare earth mining and more than 90% of magnet manufacturing.

Rare earths are a subset of important minerals that refer to 17 elements in the periodic table whose atomic structure gives them special magnetic properties. These materials are essential components of a host of modern technologies, from everyday electronics to e.g. smartphonearrive electric car and military equipment.

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—CNBC’s Li Yun contributed to this report.