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16/05/2025 03:06 AST
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.
Reuters
07/05/2025
Saudi Arabian Mining Company (Maaden), one of the world's fastest growing mining companies, today reported a revenue of SAR8.51 billion ($2.27 billion) for the first quarter of 2025, a 16% year-on-ye
Trade Arabia
08/03/2025
Saudi Arabian Mining Co. (Ma'aden), the Middle East's largest multi-commodity mining company, reported a net profit of SAR2.87 billion ($765 million) for the fourth quarter and full year 2024, up 82%
Asharq Al Awsat
24/01/2018
Ma'aden Phosphate Co (MPC), a subsidiary of Saudi Arabian Mining Co (Ma'aden), has hired banks to arrange a riyal-denominated sukuk issue, according to documents seen by Reuters, including the sukuk
Reuters
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| SABIC | 60.30 | -0.20 (-0.34 |
| SABICAGRINUTRIENTS | 99.00 | -0.50 (-0.51 |
| MARBLEDESIGN | 68.90 | 0.00 (0.00 |
| APICO | 57.70 | -1.10 (-1.88 |
| LIMEINDUSTRIES | 12.08 | 0.08 (0.66 |
16/05/2025
Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utilities companies in Europe, the Middle East and Africa, has delivered a 3.8% year-on-year revenue growth, reaching AE
Trade Arabia
16/05/2025
Abraj Energy Services has signed a contract with BP Oman to provide a drilling rig for operations in Block 61, with the rig expected to become operational in the fourth quarter of 2025.
The
Muscat Daily
16/05/2025
Commercial Bank, a leader in innovative digital banking solutions, has unveiled its all-new Corporate Mobile Banking App, setting a new standard for business banking in the region.
This stat
Gulf Times
16/05/2025
Emirates NBD is rolling out a new AI-driven solution to strengthen its compliance checks on payments and trade transactions, as part of a wider effort to improve safety, speed, and transparency in fi
Gulfnews
16/05/2025
In line with its leading and responsible role in the banking industry, National Bank of Kuwait continues to advance confidently towards building a sustainable future by implementing its environmental
Kuwait Times
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