MP Materials Corp. has announced a strategic joint venture with the U.S. Department of War and the Saudi Arabian Mining Company (Maaden) to develop a rare earth refinery in Saudi Arabia. Under the agreement, MP Materials and the DoW will together hold a 49% equity stake in the joint venture, with Maaden holding at least 51%. The initiative aims to diversify and strengthen the global supply chain for rare earth materials, benefiting both America and its allies. MP Materials will contribute its technical expertise in rare earth separation, refining, and global sourcing, while discussions are also underway regarding potential magnet manufacturing collaboration in Saudi Arabia. The U.S. contribution to the joint venture will be fully financed on a non-recourse basis by the Department of War.