MP Materials, Pentagon, Saudi Mining Company to Build Rare Earth Refinery in Saudi Arabia

In July, the company announced that the Pentagon would become its largest shareholder.

An aerial view of the MP Materials' mine in Mountain Pass, Calif., in 2024. MP Materials via AP

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.