New Delhi, Sept. 24 -- Shares of Lithium Americas Corp. zoomed nearly 90% on Wednesday after a report said US President Donald Trump's administration is reportedly seeking to acquire an equity stake of up to 10% in the miner.

The move, which follows similar actions with companies such as Intel and MP Materials, aims to reduce US reliance on China for critical minerals.

China produces over 40,000 metric tons of lithium annually, ranking third after Australia and Chile, but dominates refining, processing more than 75% of the world's lithium into battery-grade material.

The Trump administration is considering the stake as part of negotiations over a $2.26 billion Department of Energy loan for the company's Thacker Pass lithium project in ...