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19.11.25 - 16:36
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MP Materials Stock Spikes After JV Deal With Saudi Arabia′s Flagship Mining Company (ZeroHedge)
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MP Materials Stock Spikes After JV Deal With Saudi Arabia's Flagship Mining Company
MP Materials stock is up more than 6% heading into the cash open after the company announced a rare earth refinery joint venture with Saudi Arabia's flagship mining company.
MP, the U.S. Department of War, and Saudi Arabia's state mining giant Maaden have announced a joint venture to build a rare earth refinery in Saudi Arabia, marking one of the first major projects under a new U.S.–Saudi framework for critical mineral cooperation, the company wrote in a release this morning.
The venture is intended to diversify and stabilize the global rare earth supply chain, reducing reliance on adversarial sources while supporting manufacturing and defense needs in both countries and their allies.
The refinery will process rare earth feedstock from Saudi Arabia and other regions, producing separated light and heavy rare earth oxides for U.S., Saudi, and allied markets.
MP Materials CEO James Litinsky said, “We are h...
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