Shares of aspiring rare earth producer USA Rare Earth rose early Wednesday after the company announced U.K. approval for its purchase of Less Common Metals.

USA Rare Earth stock was up 1.6% at $18.06 in premarket trading. Other nuclear stocks also jumped.

The company, which is developing a rare earth mine in Texas, agreed to buy Less Common Metals, a U.K.-based manufacturer of specialized rare earth metals and alloys, for $100 million and 6.74 million shares in September. The purchase is part of USA Rare Earth’s strategy to upgrade mined material into finished products.

Shares reached as high as $43.98 in mid-October amid rising trade tensions between the U.S. and China, with the latter threatening export restrictions on rare earth materials that end up in everything from iPhones to fighter jets. Shares closed at $17.77 on Tuesday, essentially giving back all recent gains after the U.S. and China negotiated a trade framework that included rare earth exports.

China dominates rare earth production, accounting for an estimated 85% of global processing capacity, a figure the U.S. aims to change, despite recent trade talks.

A renewed focus on building a Western rare earth supply chain is the main reason USA Rare Earth stock was up 55% this year, entering Wednesday trading. Shares of MP Materials, the largest rare earth miner in the Western Hemisphere, were up almost 300%.

In July, the Defense Department signed a blockbuster deal with MP that included an equity stake, a price floor for rare earth materials, and a guaranteed customer for the rare earth magnets MP is preparing to produce.

MP stock rose 1% in premarket trading Wednesday. Shares traded north of $100 in October. Shares of aspiring rare earth miner Ramaco Resources were up 0.6% in premarket trading. Ramaco shares were as high as $57.80 in October.