5/14/2025 – RIYADH, Saudi Arabia– Saudi Arabian Mining Company (Maaden) and MP Materials jointly announced today they have agreed to explore opportunities to jointly develop a vertically integrated rare earth supply chain in Saudi Arabia including mining, separation, refining, and magnet production. The deal comes just weeks after MP Materials, in a separate announcement, pledged that, due to 125% retaliatory tariffs by China, it would no longer send rare earth concentrates from its Mountain Pass mine near Las Vegas to China for processing – a longstanding practice while it has been building its own processing capabilities domestically.
A memorandum of understanding was signed by the two companies on the sideline of the U.S.-Saudi Investment Forum 2025, taking place in Riyadh. The agreement aims to combine world-class exploration and processing expertise to advance and de-risk the development of potential rare earth element (REE) deposits across Saudi Arabia as the desert kingdom continues to position itself as a world-leading player in the critical minerals sector.
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.”
Maaden is the Middle East’s largest multi-commodity mining and metals powerhouse and stands among the world’s fastest growing, with $8.7 billion in revenues for 2024. It is on a mission to drive exploration and production of Saudi Arabia’s vast mineral endowment, aiming to develop mining as the third sector of the Saudi economy.
As the 10th largest employer in the kingdom, with a skilled workforce of more than 7,000, Maaden operates 17 mines and sites from which its products are exported to 55 countries globally. It currently stands as the largest multi-commodity mining and metals company in the Middle East, ranking 15th among the largest mining companies globally. It also has a strong global presence across South America, Africa, and South Asia—further strengthened through commercial partnerships with a wide range of entities in North America, Europe, Africa and Oceania.
MP accelerates its domestic strategy
In April, MP Materials announced that it has ceased shipments of rare earth concentrate to China in response to China’s retaliatory tariffs and export controls. “Selling our valuable critical materials under 125% tariffs is neither commercially rational nor aligned with America’s national interest,” said Litinsky.
“We have been preparing for this moment since day one. Our mission, capital strategy, and execution reflect a long-term vision built to withstand short-term dislocation and emerge stronger. MP has invested nearly $1 billion to restore the full rare earth supply chain in the United States. Today, our California refinery is processing nearly half of our production, with virtually all of that material sold into markets outside China—including Japan, South Korea, and the United States.”
“We continue to produce and are stockpiling concentrate while accelerating downstream operations: ramping oxide production, fast-tracking heavy rare earth separation, and bringing magnet production online in Texas. In recent days, manufacturers across critical industries have urgently reached out in search of a secure, resilient source of materials and magnets. We are uniquely positioned to answer that call. We are also in close contact with federal leaders and encouraged by their determination to support American industry—now and in the long term.”
MP’s Mountain Pass facility is America’s only scaled rare earth production source, though others are racing to come onstream. The company is currently expanding its manufacturing operations downstream to provide a full supply chain solution from materials to magnetics, most notably via a new magnet manufacturing plant in Forth Worth, Texas.
Meanwhile it is reporting robust financial performance and progress. On May 9, its most recent financial and operational reporting, covering the three months ended March 31, it reported that revenue increased 25% year over year to $60.8 million, with a 36% sequential increase in NdPr production of 563 metric tons, setting a new record for the company. NdPr sales volumes more than doubled year over year to 464 metric tons and its Magnetics Division made its first metal deliveries. With another $50 million received during the quarter, customer prepayments for its magnetic precursor production have reached $150 million.
For more info, see www.mpmaterials.com, www.maaden.com.
