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(Bloomberg) -- Peabody Energy Corp. was awarded a federal grant to support its efforts to produce rare earth elements and critical minerals in Wyoming, as the US seeks to strengthen its domestic supply chain.Most Read from BloombergGreece Offers Bounty to Catch Ravenous Fish Lured by Warming SeaTwo Millennium Trading Pods Made About $3.7 Billion Last MonthNasdaq 100 Falls 2% in Chip-Led Rout as Oil Climbs: Markets WrapMicrosoft’s Xbox to Cut 3,200 Jobs, Divest Five Studios in Major OverhaulChina

The U.S. government has invoked the Defense Production Act to direct substantial financial support into the coal industry. Peabody Energy (NYSE:BTU), as the largest coal producer in the U.S., is positioned to receive a share of hundreds of millions in federal funding. The program focuses on building and modernizing coal powered infrastructure, with material implications for Peabody's operations and capital plans. For Peabody Energy, the timing of this move comes as the stock trades at...

Peabody Energy stock rises with President Donald Trump planning to unlock federal funding for the industry.