Latest news with #JamesLitinsky
Leaders
16-05-2025
- Business
- Leaders
Saudi Arabia, US Unite to Launch Pioneering Rare Earth Hub
The Saudi Arabian Mining Company (Ma'aden) has collaborated with MP Materials, a leading U.S. rare-earth producer, to establish a fully integrated rare earth supply chain in Saudi Arabia. This collaboration aims to cover all stages, including mining, separation, refining, and magnet production, to enhance industrial depth and support downstream sectors. Ma'aden and MP Materials signed the memorandum of understanding (MoU) during the U.S.-Saudi Investment Forum 2025 in Riyadh, reflecting the growing economic partnership between the two nations. Both countries share a strategic vision to strengthen critical mineral supply chains and support advanced manufacturing industries. Advancing Saudi Arabia's Vision 2030 Goals Ma'aden's CEO, Bob Wilt, emphasized the importance of this partnership in positioning Saudi Arabia as a global hub for rare earth production. 'This initiative aligns with our goal to make mining the third pillar of the Saudi economy, driving industrial and economic growth,' he said. Rare earth magnets are essential for advanced technologies, including robotics, renewable energy, and aerospace. With Saudi Arabia's competitive energy base, world-class infrastructure, and strategic location, this partnership aims to diversify and expand the global rare earth supply chain. MP Materials CEO, James Litinsky, highlighted the significance of this collaboration, calling it 'a critical step in rebalancing the global supply chain during a period of transformational growth fueled by emerging technologies.' This partnership marks a significant milestone in Saudi Arabia's journey to becoming a leader in the critical minerals sector. By leveraging its vast mineral reserves and advanced infrastructure, the Kingdom is poised to play a pivotal role in meeting the rising global demand for rare earth elements. The Ma'aden-MP Materials partnership underscores Saudi Arabia's commitment to economic diversification and technological advancement. This collaboration not only strengthens Saudi-U.S. ties but also positions the Kingdom as a key player in the global rare earth supply chain. Short link : Post Views: 13
Yahoo
15-05-2025
- Business
- Yahoo
Maaden, MP Materials partner to develop Saudi rare earth supply chain
The Saudi Arabian Mining Company (Maaden) has signed a memorandum of understanding (MOU) with MP Materials, a US rare-earth materials company, to create a fully integrated, end-to-end rare earth supply chain within Saudi Arabia. This includes mining, separation, refining and magnet production, all intended to enhance industrial depth and generate value for downstream sectors. The agreement, signed on the sidelines of the US-Saudi Investment Forum 2025 in Riyadh, reinforces the ongoing economic relationship between Saudi Arabia and the US, highlighting the strategic alignment of both nations in enhancing critical mineral supply chains. In April 2025, Maaden initiated the process of selecting an international company to establish a rare earths processing partnership, aiming to position the kingdom as a critical minerals hub. Maaden CEO Bob Wilt said: 'Through a potential partnership with MP Materials, and our deepening ties with the US, 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.' The agreement marks a step towards advancing and de-risking the development of potential rare earth element (REE) deposits in Saudi Arabia, as the nation aims to position itself as a leading player in the critical minerals sector. With Saudi Arabia's competitive energy base, infrastructure and strategic location, this partnership aims to diversify and expand the global rare earth supply chain in response to increasing demand from rapidly growing industries. MP Materials founder, chairman and CEO James Litinsky said: 'Announcement is an important first step towards rebalancing the global supply chain in a moment of transformational growth fuelled by emerging technologies – especially in robotics and physical AI – while deepening the strategic alliance between the United States and Saudi Arabia.' "Maaden, MP Materials partner to develop Saudi rare earth supply chain" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arab News
15-05-2025
- Business
- Arab News
MP Materials, Ma'aden to jointly develop rare earths supply chain in Saudi
LONDON: US rare earths miner MP Materials has signed a memorandum of understanding with Saudi Arabia's flagship mining company Ma'aden to jointly develop a rare earth supply chain in the Middle Eastern country. The agreement was signed on the sidelines of the US-Saudi Investment Forum, where President Donald Trump secured a $600 billion investment from the Kingdom covering the energy, defense and mining sectors. Saudi Arabia has been pushing to become a global critical minerals hub at a time when minerals processing is fast becoming a necessity for tech-focused economies looking to produce their own building blocks for AI, electric vehicles and other sectors. Last month, Reuters reported Ma'aden was weighing a rare-earths partnership with at least one of four foreign firms, including MP Materials, China's Shenghe Resources, Australia's Lynas Rare Earths or Canada's Neo Performance Materials. The partnership between MP Materials and Ma'aden would include mining, separation, refining and magnet production of rare earth minerals. 'Today's announcement is an important first step toward rebalancing the global supply chain ... especially in robotics and physical AI — while deepening the strategic alliance between the United States and Saudi Arabia,' said MP Materials CEO James Litinsky. Ma'aden's CEO Bob Wilt said the partnership was an integral step toward establishing mining as 'the third pillar' of the Saudi economy. Shares of MP Materials rose nearly 5 percent before the bell.
Yahoo
14-05-2025
- Business
- Yahoo
MP Materials, Ma'aden to jointly develop rare earths supply chain in Saudi
(Reuters) - U.S. rare earths miner MP Materials said on Wednesday it has signed a memorandum of understanding with Saudi Arabia's flagship mining company Ma'aden to jointly develop a rare earth supply chain in the Middle Eastern country. WHY IT'S IMPORTANT The agreement was signed on the sidelines of the U.S.-Saudi Investment Forum, where President Donald Trump secured a $600 billion investment from the kingdom which covered the energy, defense and mining sectors. Saudi Arabia has been pushing to become a global critical minerals hub at a time when minerals processing is fast becoming a necessity for tech-focused economies looking to produce their own building blocks for AI, electric vehicles and other sectors. CONTEXT Last month, Reuters reported Ma'aden was weighing a rare-earths partnership with at least one of four foreign firms, including MP Materials, China's Shenghe Resources, Australia's Lynas Rare Earths or Canada's Neo Performance Materials. The partnership between MP Materials and Ma'aden would include mining, separation, refining and magnet production of rare earth minerals. KEY QUOTES "Today's announcement is an important first step towards rebalancing the global supply chain ... especially in robotics and physical AI — while deepening the strategic alliance between the United States and Saudi Arabia," said MP Materials CEO James Litinsky. Ma'aden's CEO Bob Wilt said the partnership was an integral step towards establishing mining as "the third pillar" of the Saudi economy. MARKET REACTION Shares of MP Materials rose nearly 5% before the bell. Sign in to access your portfolio
Reuters
14-05-2025
- Business
- Reuters
MP Materials, Ma'aden to jointly develop rare earths supply chain in Saudi
May 14 (Reuters) - U.S. rare earths miner MP Materials (MP.N), opens new tab said on Wednesday it has signed a memorandum of understanding with Saudi Arabia's flagship mining company Ma'aden to jointly develop a rare earth supply chain in the Middle Eastern country. The agreement was signed on the sidelines of the U.S.-Saudi Investment Forum, where President Donald Trump secured a $600 billion investment from the kingdom which covered the energy, defense and mining sectors. Saudi Arabia has been pushing to become a global critical minerals hub at a time when minerals processing is fast becoming a necessity for tech-focused economies looking to produce their own building blocks for AI, electric vehicles and other sectors. Last month, Reuters reported Ma'aden was weighing a rare-earths partnership with at least one of four foreign firms, including MP Materials, China's Shenghe Resources ( opens new tab, Australia's Lynas Rare Earths ( opens new tab or Canada's Neo Performance Materials ( opens new tab. The partnership between MP Materials and Ma'aden would include mining, separation, refining and magnet production of rare earth minerals. "Today's announcement is an important first step towards rebalancing the global supply chain ... especially in robotics and physical AI — while deepening the strategic alliance between the United States and Saudi Arabia," said MP Materials CEO James Litinsky. Ma'aden's CEO Bob Wilt said the partnership was an integral step towards establishing mining as "the third pillar" of the Saudi economy. Shares of MP Materials rose nearly 5% before the bell.
