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From Yahoo Finance: 2025-05-14 09:25:00
U.S. rare earths miner MP Materials and Saudi Arabia’s Maaden sign agreement to develop rare earth supply chain in Saudi Arabia at U.S.-Saudi Investment Forum, part of $600 billion investment from kingdom covering energy, defense, and mining sectors.
Saudi Arabia aims to become global critical minerals hub, focusing on minerals processing for tech-driven economies like AI, electric vehicles. Reuters reported Maaden considering rare earths partnership with MP Materials, China’s Shenghe Resources, Australia’s Lynas Rare Earths, or Canada’s Neo Performance Materials.
Partnership between MP Materials and Maaden to include mining, separation, refining, and magnet production of rare earth minerals, enhancing global supply chain for robotics and AI. MP Materials CEO James Litinsky emphasizes importance for United States-Saudi Arabia alliance. Maaden CEO Bob Wilt sees partnership as key to mining becoming integral to Saudi economy.
Shares of MP Materials rise nearly 5% following announcement of partnership with Maaden in developing Saudi Arabia’s rare earth supply chain.
Read more: MP Materials, Maaden to jointly develop rare earths supply chain in Saudi