MP Materials Corp. has announced a strategic joint venture with the Saudi Arabian Mining Company (Maaden) and the U.S. Department of War (DOW) to develop a rare earth refinery in Saudi Arabia. This partnership aims to diversify the global supply chain for rare earth materials, aligning with U.S. economic and national security interests.
The joint venture will see MP Materials and the DOW holding an equity position targeted at 49%, with Maaden holding a position of no less than 51%. MP Materials will contribute its technical expertise in rare earth separation and refining, as well as global sourcing and marketing capabilities, while the full financing for the U.S. contribution to the joint venture will be provided by the DOW.
This collaboration represents a significant step towards rebalancing the global rare earth supply chain and is structured to ensure U.S. oversight and alignment with national security objectives. It will leverage Saudi Arabia’s competitive energy base, infrastructure, and untapped rare earth resource potential to advance a stable and secure supply chain for rare earth materials.
In addition to this, MP Materials is also in discussions to support or collaborate on magnet manufacturing in the Kingdom of Saudi Arabia, further expanding its global footprint and driving shareholder value.
This joint venture follows MP Materials' multibillion-dollar public-private partnership with the DOW announced in July 2025. As part of this partnership, MP Materials is investing over $1 billion and hiring more than 1,000 manufacturing workers in the United States to expand domestic refining and magnet manufacturing capacity, including the expansion of heavy rare earth separation capabilities at Mountain Pass in California and the development of the company’s second magnet manufacturing facility in the U.S.
MP Materials, America’s only fully-integrated rare earth producer, operates the world’s second-largest rare earth mine in Mountain Pass, California, and manufactures the world’s strongest and most efficient permanent magnets at its Independence Magnetics facility in Texas. The company's flagship customers include Apple, General Motors, and the U.S. Department of War.
This partnership underscores MP Materials’ role as an American national champion and demonstrates its commitment to projecting U.S. industrial capability abroad, while deepening economic and security ties between the United States and Saudi Arabia. As a result of these announcements, the company's shares have moved 2.69% on the market, and are now trading at a price of $58.51. If you want to know more, read the company's complete 8-K report here.
