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 news comes as Saudi Crown Prince Mohammed bin Salman visits Washington this week. Sitting next to Trump in the White House, bin Salman on Nov. 18 promised to increase his country’s U.S. investment to $1 trillion from a $600 billion pledge he made when Trump visited Saudi Arabia in May….