The largest rare earth company in the United States is planning to build a factory in Saudi Arabia.

On the 19th, the largest rare earth producer in the United States, Mountain Pass Materials Company, announced that it has formed a partnership with the US Department of Defense and the Saudi Arabian Mining Company to build a rare earth refining plant in Saudi Arabia. According to media reports such as the Financial Times, the refining plant will process raw materials from Saudi Arabia and other regions, providing heavy and light rare earth products to the manufacturing and defense industries of both the United States and Saudi Arabia, as well as selling to allied countries. It is reported that the joint construction of a rare earth plant by the United States and Saudi Arabia is one of the agreements reached during the visit of Saudi Crown Prince and Prime Minister Mohammed to the United States. Mountain Pass Materials Company and the US government will hold a 49% stake in the new joint venture, with the Saudi Arabian Mining Company holding a controlling stake of "not less than" 51%. The details of the contributions from the three parties have not been disclosed, with the US Department of Defense providing "non-recourse" funding and Mountain Pass Materials Company providing rare earth separation and refining technology.