MP Materials, US DoW announce rare earth refinery JV in Saudi Arabia

Core Insights - MP Materials, the US Department of War, and Maaden have formed a joint venture to develop a rare earth refinery in Saudi Arabia, enhancing cooperation on critical supply chains [1][2] - The joint venture aims to rebalance the global rare earth supply chain and aligns with US economic and national security interests [2][4] - The refinery will process rare earth feedstock and produce significant quantities of separated light and heavy rare earth oxides for manufacturing and defense industries in the US and Saudi Arabia [3][5] Company and Industry Summary - The joint venture will have a target equity stake of 49% held by MP Materials and the DoW, while Maaden will hold at least 51% [5] - The DoW will provide full, non-recourse financing for the US JV's capital contribution, while MP Materials will contribute its technical expertise in rare earth separation and refining [5][6] - The agreement is expected to unlock global upstream resources, expand MP Materials' refining capacity, and support disciplined growth across its upstream and downstream businesses [6]