UPDATE 1-MP Materials to form rare-earth refining JV with Saudi Arabian Mining Company

MP Materials said on Wednesday it will form a rare-earth refining joint venture in Saudi Arabia with the U.S. Department of War and the state-owned Saudi Arabian Mining Company (Maaden). Shares of MP were up over 7% in premarket trade.

MP Materials said on Wednesday it will form a rare-earth refining joint venture in Saudi Arabia with the U.S. Department of War and the state-owned Saudi Arabian Mining Company (Maaden).

Shares of MP were up over 7% in premarket trade. Saudi Crown Prince Mohammed bin Salman is making his first U.S. visit since 2018, touting deepening commercial ties between the two countries.

In May, the United States and Saudi Arabia announced billions of dollars in investments in both countries during Trump's four-day visit to the Middle East. Under the deal, MP and the Department of War, through a joint venture, will hold a combined 49% stake, with Maaden retaining no less than 51%.

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