MP Materials Corp, America’s leading rare earth materials and magnetics producer, announced today a landmark partnership with the US Department of War and Saudi Arabia’s flagship mining company, Maaden, to develop a cutting-edge rare earth refinery in Saudi Arabia.
The joint venture follows a new U.S.-Saudi framework aimed at securing critical supply chains, signed earlier this week in Washington, DC.
The refinery will process rare earth feedstock from Saudi Arabia and other global sources, producing key light and heavy rare earth oxides to supply US and allied manufacturing and defense industries. The project leverages Saudi Arabia’s energy advantages, strategic location, and untapped rare earth reserves, marking a major step in reshaping the global rare earth supply chain.
“This partnership positions MP at the center of a strategic initiative vital to America and its allies,” said James Litinsky, MP Materials Founder and CEO. “By combining our technical expertise with Maaden’s scale and the Department of War’s strategic oversight, we are building a foundation for a more secure, diversified supply chain.”
Bob Wilt, CEO of Maaden, added, “This joint venture represents a key milestone in the growth of Saudi Arabia’s mining sector and strengthens our role as a global player in rare earth production.”
Under the agreement, MP Materials and the DoW will hold a combined 49% equity stake, with Maaden controlling at least 51%. U.S. financing will be fully provided by the Department of War, while MP contributes technical know-how in rare earth refining and global marketing expertise. MP is also exploring opportunities in magnet manufacturing within Saudi Arabia.
The collaboration is designed to expand MP’s global footprint, unlock upstream resources, and boost industrial resilience by reducing reliance on adversarial supply sources—strengthening both US economic and national security interests.
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