The American company cooperated with the Pentagon to build a rare earth element refinery in Saudi Arabia

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 countries.

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 elements.

Shares of the company — which in July agreed to an investment from the U.S. Department of Defense that would make Washington its largest shareholder and sponsor — rose 10 percent in late Wednesday trading.

According to this agreement, MP Materials and the US Department of Defense will own a total of 49% of the shares of the new refinery in Saudi Arabia through a joint venture, 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 countries.

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