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Shares of MP Materials Corp. (NASDAQ:MP) are higher Wednesday after the company announced a partnership with the U.S. Department of War and Saudi Arabia’s flagship mining company.
What To Know: MP Materials and the Saudi Arabian Mining Company, also known as Maaden, will develop a rare earth refinery in Saudi Arabia, in partnership with the Department of War. The goal of the project is to realign the global rare earth supply chain with U.S. economic and national security interests.
The three parties will form a joint venture to build a rare earth refinery in Saudi Arabia. The facility will be designed to process rare earth feedstock sourced from Saudi Arabia and other global regions and produce significant quantities of separated light and heavy rare earth oxides. These refined products will support U.S. and Saudi manufacturing and defense sectors, and be marketed to allied nations.
Shares were up more than 9% at last check, according to Benzinga Pro.
MP Materials and the Department of War will hold an equity position targeted at 49% in the joint venture, and Maaden will hold a position of no less than 51%. Full financing for the U.S. contribution to the joint venture will be provided non-recourse by the Department of War.
“This agreement will be beneficial to MP and our industry, and it further aligns U.S. and Saudi interests,” said James Litinsky, CEO of MP Materials. “The formation of the joint venture also underscores MP Materials’ role as an American national champion, and it demonstrates how our fully integrated platform can project U.S. industrial capability abroad.”
Goldman Sachs analyst Brian Lee initiated coverage on MP Materials on Wednesday with a Buy rating and announced a price target of $77, which appears to be adding to some of the momentum in shares.
MP Price Action: MP Materials stock was up 9.01%, trading at $63.78 at the time of publication Wednesday, according to Benzinga Pro.
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