09:00 AM EST, 11/19/2025 (MT Newswires) -- MP Materials ( MP ) said Wednesday that it has partnered with the US Department of War to form a joint venture with the Saudi Arabian Mining Company to develop a rare earth refinery in the kingdom.

The company said the joint venture intends to use Saudi Arabia's energy base and infrastructure to tap into the country's "rare earth resource potential" to create a reliable supply chain for rare earth materials.

The facility will process rare earth feedstock from Saudi Arabia and other regions, and will produce separated light and heavy rare earth oxides, MP materials said.

The company also said the refined products are intended to support the US and Saudi manufacturing and defense sectors, and will be marketed to allied nations.

Shares of MP Materials ( MP ) were up 10% in recent Wednesday premarket activity.