The American company cooperated with the Peagon to build a rare earth eleme refinery in Saudi Arabia
MP Materials Company has announced that it will build a refinery for the processing of rare earth elemes in Saudi Arabia in cooperation with the US Departme of Defense and the Saudi Arabian Mines State Company.
According to Isna, this News was published at the same time as “Mohammed bin Salman”, the crown prince of Saudi Arabia, visited Washington. This is his first visit to America since 2018 and it is done in the framework of an effort to strengthen economic and security relations between the two couries.
According to “Weekly Mining” magazine, Reuters reported in April that the Saudi Mining Company is considering cooperation with “MP Materials” (MP Materials) to process rare earth elemes.
Shares of the company — which in July agreed to an investme from the U.S. Departme of Defense that would make Washington its largest shareholder and sponsor — rose 10 perce in late Wednesday trading.
According to this agreeme, MP Materials and the US Departme of Defense will own a total of 49% of the shares of the new refinery in Saudi Arabia through a joi veure, and Saudi Mining Company will own the remaining 51%.
According to MP Materials, the refined materials will be used in the manufacturing and defense industries of the United States and Saudi Arabia, and will also be sold to allied couries.
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