Saudi Arabian Mining Company (“Ma’aden” or the “Company”, 1211 on the Saudi Exchange), one of the world’s fastest growing mining companies, has signed an Memorandum of Understanding (MoU) with MP Materials Corp (“MP Materials”) (NYSE: MP), the American fully integrated rare earth producer, to explore opportunities to establish a fully integrated, end-to-end rare earth supply chain.
This agreement combines world-class exploration and processing expertise to advance and de-risk the development of potential Rare Earth Element (REE) deposits across Saudi Arabia as it continues to position itself as a world-leading player in the critical minerals sector. Ma’aden and MP Materials aim to explore opportunities to jointly develop a vertically integrated rare earth supply chain in Saudi Arabia, including mining, separation, refining, and magnet production, to drive industrial depth and create value for downstream sectors.
Rare earth magnets are essential components in critical technologies spanning transportation, energy, robotics, and aerospace. Leveraging Saudi Arabia’s competitive energy base, world-class infrastructure, and strategic location, this collaboration will diversify and expand the global rare earth supply chain, supporting rising demand from fast-growing industries.
Bob Wilt, CEO of Ma’aden, said, “Through a potential partnership with MP Materials, and our deepening ties with the United States, we aim to create a global hub for a fully integrated rare earth value chain supporting advanced manufacturing in the Kingdom. As we continue to build mining as the third pillar of the Saudi economy, this is an integral step in the exploration and development of minerals that will drive economic and industrial growth for the Kingdom.”
James Litinsky, Founder, Chairman & CEO of MP Materials, said: “Today’s announcement is an important first step towards rebalancing the global supply chain in a moment of transformational growth fueled by emerging technologies—especially in robotics and physical AI—while deepening the strategic alliance between the United States and Saudi Arabia.”
This announcement cements the continued economic ties between Saudi Arabia and the United States and underscores the strategic alignment of the two countries in strengthening critical mineral supply chains and supporting advanced manufacturing industries.
