MP Materials (USA) and Saudi Arabian Mining Company (Ma’aden) have signed a Memorandum of Understanding (MoU) to jointly develop rare earth supply chains within the Kingdom.
The Initiative encompasses mining, separation, refining, and magnet production, marking a critical step in positioning Saudi Arabia as a global hub for strategic minerals. This partnership will directly support fast-growing industries such as artificial intelligence (AI) and electric vehicles (Evs).
The agreement was announced during the U.S.–Saudi Investment Forum, reflecting the Kingdom’s broader vision of economic transformation and reducing reliance on foreign raw materials.
Source: Reuters