MP Materials and Saudi Arabia’s state mining company Ma’aden have agreed to collaborate on building a rare earths supply chain in Saudi Arabia, according to MP Materials. The memorandum of understanding was signed during the US-Saudi Investment Forum 2025 in Riyadh and covers every stage from exploration and mining to refining and magnet manufacturing.
Bob Wilt, CEO of Ma’aden, described the partnership as a milestone in positioning mining as a key sector in Saudi Arabia’s economy. MP Materials CEO James Litinsky emphasized the agreement’s role in diversifying the global supply chain for advanced technologies and strengthening ties between the United States and Saudi Arabia.
Saudi Arabia is actively seeking foreign investment in its mining sector as part of Vision 2030, aiming to become a leading hub for critical minerals. The country is also presenting itself as a dependable alternative to China, which, according to the Associated Press, dominates rare earth production and processing worldwide.
Saudi Arabia recently increased its estimate of untapped mineral wealth from $1.3 trillion to $2.5 trillion, driven by new discoveries of rare earth elements and metals, as reported by the Associated Press. For MP Materials, this move follows its recent decision to halt rare earth concentrate shipments to China after new Chinese export restrictions.
MP Materials operates the Mountain Pass mine in California, the only facility of its kind in the United States, and is expanding its refining capabilities. In the most recent quarter, MP Materials produced 12,213 metric tons of concentrate, a 10% increase year-over-year, according to company data. News of the agreement led to a 3% rise in MP Materials’ share price, bringing its market value to $3.49 billion.
