Latest news with #Ma'aden
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
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.
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
Yahoo
07-05-2025
- Business
- Yahoo
Saudi Arabia and US to discuss mining and mineral resources cooperation agreement
The Saudi Cabinet has announced plans to negotiate a memorandum of understanding (MOU) with the US, focusing on collaboration in mining and mineral resources. This development comes as part of Saudi Arabia's Vision 2030, aiming to diversify its economy away from oil, according to a report by Reuters. The discussions will involve the Saudi Ministry of Industry and Mineral Resources and the US Department of Energy, with details of the MOU yet to be disclosed. The announcement precedes a scheduled visit by US President Donald Trump to Saudi Arabia next week. Saudi Arabia's mining sector has seen rapid expansion, with the kingdom's mineral reserves valuation nearly doubling last year to $2.5trn, including significant rare earth elements. Ma'aden is reportedly considering forming a rare earths processing partnership with one of four international company, including one from the US. The potential partners include MP Materials, Shenghe Resources, Lynas Rare Earths and Neo Performance Materials, the report said. Additionally, Saudi Arabia has increased its global mining footprint through Manara Minerals, a joint venture with its sovereign wealth fund and Ma'aden. Manara's inaugural international investment was acquiring a 10% stake in Vale Base Metals, a spin-off from Vale, worth $26bn (£19.48bn). Saudi Arabia's Ministry of Industry and Mineral Resources has also recently granted exploration licences covering 4,788km² in the mineral-rich areas of Jabal Sayid and Al-Hajjar to various local and international mining companies. This initiative is part of the ministry's strategy to accelerate the exploration and development of the kingdom's mineral wealth, estimated at SR9.3trn. Indian mining giant Vedanta, along with a consortium led by local company Ajlan & Bros and China's Zijin Mining, are among the companies that received the licences. The country began issuing licences to international mining operators in 2022. "Saudi Arabia and US to discuss mining and mineral resources cooperation agreement" was originally created and published by Mining Technology, a GlobalData owned brand.
