Pentagon Joins MP Materials to Build Saudi Rare-Earths Plant (2)

The US Department of Defense is partnering with MP Materials Corp. to help fund and develop a rare-earths refinery in Saudi Arabia, in a further sign of the Trump administration’s desire to secure access to key minerals.

The partnership involves a joint venture with Saudi Arabian miner Maaden, which will work together to finance and develop the facility, MP said in a statement Wednesday. The Pentagon will put up the funding for a 49% equity position in the joint venture with MP Materials. Maaden will hold “no less” than 51%. Shares of MP rose as much 13% in ...