US-Saudi critical minerals collaboration is growing: On Wednesday, rare earths producer MP Materials announced a partnership with the US Department of Defense and Saudi Arabia’s state mining champion Maaden to build a processing facility in the kingdom. The agreement comes amid Saudi Crown Prince Mohammed bin Salman’s high-stakes visit to Washington.

The Nevada-based producer, which secured a multibillion-dollar US government partnership earlier this year, said the new joint venture will develop a refinery capable of processing raw materials from Saudi Arabia and abroad to supply manufacturing and defense industries in both countries.

The announcement comes as the United States seeks to build rare earth supply chains that can compete with China, which dominates global processing. Washington is increasingly turning to Gulf partners to help reshape these strategic industries, with Saudi Arabia and the United Arab Emirates emerging as key players in US attempts to diversify sourcing. MP Materials shares jumped roughly 9% following the news.

Details: MP Materials said the binding agreement follows Tuesday’s announcement by the White House that the United States and Saudi Arabia signed a Critical Minerals Framework to deepen collaboration and align “national strategies to diversify critical mineral supply chains.”