US Stock Market Move | Established a joint venture company with Saudi mining giant Maaden, MP Materials (MP.US) increased by over 10%.

On Wednesday, MP Materials (MP.US) saw its stock price rise, with the stock up over 10% to $64.49 at the time of writing. On the news front, the company had previously announced a joint venture with the U.S. Department of Defense and Saudi Arabian mining giant Maaden to establish a rare earth refining plant in Saudi Arabia. MP Materials stated that this move is a "key step in reshaping the global rare earth supply chain". According to the agreement, MP Materials and the U.S. Department of Defense will jointly hold a 49% stake in the joint venture, with Maaden holding a stake of no less than 51%. It is worth noting that all the investment from the U.S. side will be provided by the Department of Defense in the form of "non-recourse financing", while MP Materials will be responsible for technological input, including rare earth separation, refining processes, and specialized capabilities in global supply and market channels. MP Materials stated that the company is also in discussions with Saudi Arabia to support or collaborate on local magnet manufacturing businesses, further enhancing the downstream industry chain.