MP Materials said yesterday it would build a rare earths refinery in Saudi Arabia with the US Department of Defence and state-owned Saudi Arabian mining company Maaden to expand Middle Eastern processing of the critical minerals.
The news comes as Saudi Crown Prince and Prime Minister Prince Mohammed bin Salman bin Abdulaziz Al Saud is visiting Washington as part of a push to underscore economic and security relationships between the countries.
Reuters reported in April that Maaden was considering a rare earths processing partnership with MP.
Under the deal, MP and the defence department, through a joint venture, will hold a combined 49pc stake in the Saudi refinery, with Maaden holding the remaining 51pc.
&uuid=(email))