MP Materials Corp. (NYSE:MP) has announced the next step in building a resilient rare earth supply. The firm has formed a three-party joint venture with the Saudi Arabian Mining Company (Maaden) and the U.S. Department of War (DoW).

The purpose of the venture is to develop a large-scale rare earth refinery in Saudi Arabia, and it is part of the broader U.S.-Saudi framework on critical minerals.

"We are honored that the U.S. government asked MP to partner on a project of this magnitude and importance for America and its allies," MP Founder and CEO James Litinsky said.

Also Read: This Government-Owned Rare-Earth Stock Still Has Big Upside Ahead, Goldman Says

"By combining MP's technical expertise with the strategic vision of the U.S. Department of War and Maaden's capabilities and scale, the pieces are in ...