This week, the United States deepened its partnership with Saudi Arabia, signing a series of investment agreements across key sectors, including mining and defense. Meanwhile, China, the world’s leading supplier of critical raw materials, vowed to intensify its crackdown on mineral smuggling—the details our roundup.
MP Materials and Saudi Arabia’s Ma‘aden to Join Forces on Rare Earths
Saudi Arabia’s state mining company, Ma‘aden, and U.S.-based MP Materials have signed a Memorandum of Understanding 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.
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Mining, Defense, Healthcare: U.S. and Saudi Arabia Sign $600 Billion Investment Agreement
On Tuesday, the United States and Saudi Arabia concluded a $600 billion investment agreement. The deal includes commitments from American and Saudi companies to invest in each other’s economies across strategic sectors. A key component of the agreement is enhanced cooperation in the mining and mineral resources sector. The two countries are set to collaborate on critical mineral supply chains, including mining and processing, and will explore joint investment opportunities.
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Shenghe Subsidiary to Acquire 100% of Australian Rare Earth Firm
Chinese rare earth giant Shenghe Resources is eyeing the next move in its international expansion. According to reports, its subsidiary, Chenguang Rare Earth, plans to acquire 100% of the equity in Peak Rare Earths Limited, an Australian-listed company developing the Ngualla Rare Earth Project in southern Tanzania.
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Neo Performance Materials: Q1 Revenue Flat Amid Market Headwinds
Neo Performance Materials reported its first-quarter results on Friday, posting flat revenue amid ongoing market challenges. However, the company also highlighted progress during the quarter. Notably, its magnet segment delivered a 7.3% year-over-year increase in sales volume. Neo also reaffirmed that its large-scale commercial magnet plant in Estonia remains on schedule and within budget.
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China Steps Up Crackdown on Critical Mineral Smuggling
Chinese authorities are intensifying efforts to combat the smuggling of critical minerals. According to a statement from the Ministry of Commerce, since the introduction of export controls on strategic materials such as gallium, germanium, antimony, tungsten, and certain rare earth elements, foreign companies have increasingly cooperated with domestic criminal networks to circumvent the restrictions.
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