James Litinsky, MP Materials chairman and CEO, joins CNBC's 'Squawk on the Street' to discuss the company's deal with the Defense Department, in which the Pentagon will become the largest shareholder in the rare earth miner.

The Defense Department on Thursday became the largest shareholder in MP Materials, which owns the only rare earth mine in the U.S., amid a surge in demand for rare earths mined in the U.S. as China has curbed its rare earth exports amid a trade war with the U.S.