The agreement will expand MP's global footprint and is structured to "ensure U.S. oversight and alignment with national security objectives," the company said.
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MP Materials
surged Wednesday on a deal with the U.S. Department of Defense and the Saudi Arabian Mining Company, Maaden, to develop a rare earth refinery in the kingdom.
The U.S. rare earth miner’s stock was last up about 9%.
MP and the Pentagon will hold a 49% stake in the joint venture, the company said. Maaden’s position will be no less than 51%. The Defense Department will finance the U.S. portion of the venture with MP providing technical and marketing expertise.
U.S. rare earths miner MP Materials said on Wednesday it has signed a memorandum of understanding with Saudi Arabia's flagship…
MP Materials shares are rising after its financial results gave investors hope that the rare earth miner is moving toward…
Rare earth elements at the center of the U.S.-China trade fight. They are crucial for electric vehicles and other advanced…
MP Materials CEO James Litinsky said he doesn't want investors "to get burned," cautioning them about the industry's difficult…
Morgan Stanley believes that shares of MP Materials could rise another 15% from here.
Deutsche Bank sees shares of MP Materials rising 21% from here, on top of an already staggering year-to-date rally.
