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MP Materials surged Wednesday on a deal with the U.S. Department of Defense and the Saudi Arabian Mining Company, Maaden, to develop a rare earth refinery in the kingdom.

The U.S. rare earth miner's stock rose 8.61% to close at $63.55.

MP and the Pentagon will hold a 49% stake in the joint venture, the company said . Maaden's position will be no less than 51%. The Defense Department will finance the U.S. portion of the venture with MP providing technical and marketing expertise.

The binding agreement to form the joint venture comes after MP and Maaden signed a memoranum of understanding back in May. The agreement will "significantly expand MP's global footprint" and is structured to "ensure U.S. oversi

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