MP Materials up after deal with Saudi's Ma'aden on developing rare earth supply chain

Shares of rare earths producer MP Materials MP.N rise 6.1% to $22.05 premarket

Co signs agreement with Saudi Arabian mining company Ma'aden to jointly establish a fully integrated, end-to-end rare earth supply chain in Saudi Arabia

Co says the memorandum of understanding was signed on the sidelines of the U.S.-Saudi Investment Forum 2025

The facility would include mining, separation, refining and magnet production

"It is an important first step towards rebalancing the global supply chain in a moment of transformational growth fueled by emerging technologies—especially in robotics and physical AI" - says MP Materials CEO James Litinsky

As of last close, MP shares up 33.1% YTD