According to a report from Mining.com, MP Materials and Saudi Arabia's national mining company, Ma'aden, have signed a memorandum of understanding (MoU) to collaborate on establishing a rare earth supply chain in Saudi Arabia, spanning from mining to magnet production.
The agreement was signed during the US-Saudi Investment Forum 2025 held in Riyadh, with the collaboration covering the entire industry chain—from exploration and development to separation, smelting, and permanent magnet production.
This agreement represents another step in Saudi Arabia's ambitious plan to accelerate its emergence as a global hub for critical minerals.
At a press conference, Ma'aden CEO Bob Wilt stated, "This collaboration is a crucial step in making mining the third pillar of Saudi Arabia's economy."
MP Materials CEO James Litinsky said the agreement would contribute to "rebalancing the global supply chain, particularly for robotics and artificial intelligence," while strengthening strategic cooperation between the US and Saudi Arabia.
As part of its Vision 2030, Saudi Arabia is making further efforts to attract foreign investment and expertise into its mining sector.
Last year, Saudi Arabia revised the potential value of its undeveloped mineral resources from 1.3 trillion yuan to 2.5 trillion US dollars, primarily due to the discovery of rare earth minerals.
MP Materials is the only company in the US actively mining and processing rare earths, with its mine located at Mountain Pass, California. The company is also expanding its domestic refining capacity.
In Q1, MP Materials produced 12,213 mt of rare earth concentrate, up 10% YoY.
