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On the 19th, Mountain Pass Materials, recognized as the largest rare earth producer in the United States, declared that it had inked a cooperation pact with the U.S. Department of Defense and the Saudi Arabian Mining Company (Ma'aden). The initiative involves constructing a rare earth refinery in Saudi Arabia, aimed at processing raw materials sourced from Saudi Arabia and various other regions. The refined products will cater to the manufacturing and defense sectors in both the United States and Saudi Arabia, in addition to being supplied to allied nations. In terms of equity distribution, Mountain Pass Materials and the U.S. government will collectively hold a 49% stake, whereas the Saudi Arabian Mining Company will secure no less than a 51% share.
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