United States miner MP Materials has received a commitment from Saudi-backed resources company Ma'aden to explore rare earths (REE) extraction potential in Saudi Arabia.
The memorandum of understanding (MoU) was inked at the ongoing U.S.-Saudi Investment Forum 2025 in Riyadh, with an aim to advance the development of the Kingdom’s positioning in the critical minerals sector.
MP Materials is one of the only REE producers in the world, and the only rare earths miner and processor in the United States.
The collaboration will look at opportunities for a vertically integrated rare earth supply chain encompassing: mining, separation, refining, and importantly - magnet production.
Rare earth magnets such as neodymium, praseodymium, dysprosium and terbium (NdPr, DyTb) are key components in transportation, energy, robotics, and aerospace technologies.
“This MoU marks a step toward rebalancing the global supply chain amid rising demand from emerging technologies, while reinforcing U.S.-Saudi economic ties,” MP Materials chair and CEO James Litinsky said.
Ma'aden chief executive Bob Wilt said the potential partnership aligns with the government's goal to establish a fully integrated rare earth value chain in the Kingdom.
"This supports our strategy to develop mining as a key economic pillar and drive industrial growth."
US$3.45 billion market-capped MP Materials (NYSE : MP) is trading at US$21.08 per share.
