RIYADH, Saudi Arabia--(BUSINESS WIRE)--May 14, 2025--
Saudi Arabian Mining Company (“Maaden” or the “Company”, 1211 on the Saudi Exchange), one of the world’s fastest growing mining companies, has signed an agreement with MP Materials Corp (“MP Materials”) (NYSE: MP), the American fully integrated rare earth producer, to explore opportunities to establish a fully integrated, end-to-end rare earth supply chain.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250512443109/en/
A Memorandum of Understanding (MoU) was signed on the sideline of the U.S.-Saudi Investment Forum 2025, taking place in Riyadh.
This agreement combines world-class exploration and processing expertise to advance and de-risk the development of potential Rare Earth Element (REE) deposits across Saudi Arabia as it continues to position itself as a world-leading player in the critical minerals sector. Maaden and MP Materials aim to explore opportunities to jointly develop a vertically integrated rare earth supply chain in Saudi Arabia, including mining, separation, refining, and magnet production, to drive industrial depth and create value for downstream sectors.
Rare earth magnets are essential components in critical technologies spanning transportation, energy, robotics, and aerospace. Leveraging Saudi Arabia’s competitive energy base, world-class infrastructure, and strategic location, this collaboration will diversify and expand the global rare earth supply chain, supporting rising demand from fast-growing industries.
Bob Wilt, CEO of Maaden, said, “Through a potential partnership with MP Materials, and our deepening ties with the United States, 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.”
James Litinsky, Founder, Chairman & CEO of MP Materials, said: “Today’s announcement is an important first step towards rebalancing the global supply chain in a moment of transformational growth fueled by emerging technologies—especially in robotics and physical AI—while deepening the strategic alliance between the United States and Saudi Arabia.”
This announcement cements the continued economic ties between Saudi Arabia and the United States and underscores the strategic alignment of the two countries in strengthening critical mineral supply chains and supporting advanced manufacturing industries.
ABOUT MAADEN
Maaden is the Middle East's largest multi-commodity mining and metals powerhouse and stands among the world's fastest growing, with a robust SAR 32.5 billion (US$8.7 billion) in revenues for 2024.
As a KSA-based, globally significant mining champion, Maaden is deploying technology and talent to accelerate the exploration and production of Saudi Arabia’s vast mineral endowment to develop mining as the third sector of the Saudi economy.
With a skilled workforce of more than 7,000, Maaden operates 17 mines and sites and its products are currently exported to 55 countries globally.
For more information, please visit www.maaden.com.
For any enquiries, please contact parkers@maaden.com.
ABOUT MP MATERIALS
MP Materials (NYSE: MP) is America’s only fully integrated rare earth producer with capabilities spanning the entire supply chain—from mining and processing to advanced metallization and magnet manufacturing. We extract and refine materials from one of the world’s richest rare earth deposits in California and manufacture the world’s strongest and most efficient permanent magnets. Our products enable innovation across critical sectors of the modern economy, including transportation, energy, robotics, defense, and aerospace.
More information is available at https://mpmaterials.com/.
Join the MP Materials community on X, YouTube, and LinkedIn.
FORWARD-LOOKING STATEMENTS
This press release contains certain statements that are not historical facts and are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “will,” “target,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are subject to a number of risks and uncertainties, including risks related to MP Materials’ ability with Maaden to establish the full value chain for rare earth magnetics in the Kingdom, risks related to the timing and achievement of expected business milestones, and those risk factors discussed in MP Materials’ filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed by the Company with the Securities and Exchange Commission.
Maaden and MP Materials have signed an agreement to establish an end-to-end rare earth supply chain. The two companies will explore opportunities to jointly develop a vertically integrated rare earth supply chain in Saudi Arabia, including mining, separation, refining, and magnet production, to drive industrial depth and create value for downstream sectors.
