AS-Saudi Arabia Will Build Rare Earth Metal Refineries

MP Materials announced a partnership with the US Department of Defense (Dephan) and Saudi Arabian Mining Company (Ma'aden) to build rare earth metal processing facilities in Saudi Arabia.

In a press release, the US mining company said the cooperation was a joint venture to develop a rare earth metal refinery in the kingdom.

The partnership was built based on a new strategic framework between the US and Saudi Arabia to strengthen the supply chain of essential minerals.

The facility is projected to process rare earth metals from Saudi Arabia and other areas to produce rare light and heavy soil oxides that have been separated.

The product will strengthen the US and Saudi manufacturing and defense sectors and be marketed to partner countries.

Reported by ANTARA, Thursday, November 20, based on the agreement, MP Materials and the US Department of Defense will control 49 percent of the shares, while Maaden holds another 51 percent of the shares.

The US Department of Defense will provide full unsecured (non-recourse) financing for the US investment portion. MP Materials will supply technical expertise in the separation and purification of rare earth metals.

The company also said it was exploring collaboration opportunities or support for the magnetic manufacturing industry in Saudi Arabia.