Saudi Arabian Mining Company (Maaden) is in talks with a United States firm over how best to use raw materials from one of its mines, according to His Excellency Bandar Al-Khorayef, Minister of Industry and Mineral Resources.
His Excellency Al-Khorayef explained to the Saudi daily Aleqtisadia that a recent strategic agreement between Saudi Arabia and the United States on rare earth minerals sets out plans for joint investment, technology transfer, information sharing, and converting raw materials into finished products.
He added that Maaden, representing the Saudi private sector, is currently discussing with an American company the potential utilisation of specific raw materials extracted from a Maaden-operated site.
Regarding critical mineral resources, His Excellency Al-Khorayef stated that Saudi Arabia ranks among the world’s top four countries in terms of reserves. He noted that local demand is estimated at around 15,000 tonnes of such materials, compared with planned production of about 20,000 tonnes, according to the Saudi daily Aleqtisadia. This surplus is expected to support domestic supply chains for industries including electric vehicles and semiconductors.
MP Materials, listed on the New York Stock Exchange and a participant in a three-way rare earth venture in Saudi Arabia, recently indicated it is in discussions to back or cooperate on magnet manufacturing in the Kingdom, without disclosing further details, according to public company statements.
