US EditionWhat's Going On With MP Materials Stock? - MP Materials (NYSE:MP)
The joint venture will process rare earth oxides for defense and allied markets, with MP Materials and the Pentagon holding 49% and Maaden at least 51%.
- Wednesday, MP Materials, Saudi Arabian Mining Company and the U.S. Department of Defense agreed to form a joint venture in Saudi Arabia, with MP and the Pentagon holding a 49% stake and Maaden at least 51%.
- The deal follows a May memorandum of understanding between MP Materials and Maaden, aiming to realign the global rare earth supply chain and reduce U.S. dependence on China.
- The Pentagon will finance the U.S. share non-recourse while MP provides technical and marketing expertise, building on a July deal that ensures U.S. oversight, and Goldman analyst Brian Lee said, 'We believe MP's downstream expansion into refining and magnet production, accelerated by a partnership with the US government, will strategically position MP as a key supply chain component for rare earth refining and magnet production.'
- Market reaction included new analyst coverage from Goldman Sachs, which set a $77 target, with MP Materials stock up about 9% and trading at $63.78 at publication.
- The refinery will produce separated light and heavy rare earth oxides for defense and industry, supplying U.S., Saudi and allied manufacturing and defense sectors, the company said.
15 Articles
15 Articles
MP Materials, Pentagon, Saudi Mining Company to Build Rare Earth Refinery in Saudi Arabia
Las Vegas-based MP Materials said on Nov. 19 that it will build a rare earths refinery in Saudi Arabia with the Pentagon and Saudi state-owned mining company Maaden. MP Materials and the Pentagon, through a joint venture, will hold a combined 49 percent stake in the refinery, with Maaden owning the remaining 51 percent. MP Materials said the joint venture is structured to ensure U.S. oversight and alignment with national security objectives. The…
UPDATE 4-MP Materials to build Saudi rare earths refinery with Pentagon, Maaden
UPDATE 4-MP Materials to build Saudi rare earths refinery with Pentagon, Maaden MP Materials said on Wednesday it would build a rare earths refinery in Saudi Arabia with the U.S. Department of Defense and state-owned Saudi Arabian mining company Maaden to expand Middle Eastern processing of the critical minerals. The news comes as Saudi Crown Prince Mohammed bin Salman is visiting Washington this week for the first time since 2018 as part of a p…
What's Going On With MP Materials Stock? - MP Materials (NYSE:MP)
Shares of MP Materials Corp. (NASDAQ:MP) are higher Wednesday after the company announced a partnership with the U.S. Department of War and Saudi Arabia’s flagship mining company. MP stock is showing exceptional strength. Stay ahead of the curve here. What To Know: MP Materials and the Saudi Arabian Mining Company, also known as Maaden, will develop a rare earth refinery in Saudi Arabia, in partnership with the Department of War. The goal of th…
Maaden furthers commitment with MP materials to establish rare earth refinery joint venture in the Kingdom
Saudi Arabian Mining Company has signed a binding term sheet with MP Materials Corp. backed by the United States Department of War (DoW) to build and operate a rare earth refining and separation facility in the Kingdom.
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