The announcement comes just a day after the state leaders signed a deeper economic agreement.
Saudi Arabia’s state mining company, Ma‘aden, and U.S.-based MP Materials have signed a Memorandum of Understanding (MoU) to jointly pursue the development of a fully integrated rare earth supply chain. The project will cover the entire value chain from mining and separation to refining and magnet production.
The MoU was signed during the U.S.-Saudi Investment Forum 2025, held in Riyadh. It comes just a day after the United States and Saudi Arabia announced a $600 billion investment agreement focusing on strengthening cooperation in sectors like mining, defense, energy, and technology (we reported).
The two countries signed a Memorandum of Cooperation on developing mineral supply chains as part of that larger deal. Saudi Arabia is looking to tap into its estimated $2.5 trillion worth of mineral reserves, including rare earths, as part of its Vision 2030 plan to diversify its economy beyond oil.
Maaden operates 17 mines and sites across Saudi Arabia, with products currently exported to 55 countries worldwide. Ahead of the Investment Forum, the company had already signaled plans to seek international partners to support its development in critical minerals. MP Materials, the only large-scale U.S. rare earth miner, was among the companies analysts had pointed to as a likely collaborator.
Photo: agnormark via Canva