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Saudi mining giant Ma'aden launches rare earth strategic cooperation
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Release time：2025-04-23
source：Https://www.mining-technology.com/
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It is planned to select one of four international companies to jointly build a rare earth processing plant.
According to Reuters, citing three sources familiar with the matter, Saudi Arabian mining company Ma'aden is selecting an international partner to establish a rare earth processing partnership, aiming to make Saudi Arabia a major mining center. The company is evaluating potential partnerships with MP Materials (US), Shenghe Resources (China), Lynas Rare Earths (Australia), or Neo Performance Materials (Canada).
Ma'aden plans to finalize the partnership by the end of June. Three companies will develop plans to build rare earth processing facilities and subsequent magnet production facilities within Saudi Arabia; the selected partner will collaborate with Ma'aden to study the most efficient methods for mining and processing Saudi Arabia's abundant mineral reserves. This study is expected to be completed by December.
Saudi officials nearly doubled the valuation of Saudi Arabia's mineral reserves last year to $2.5 trillion (9.38 trillion Saudi riyals), largely due to the inclusion of rare earth elements.
While Ma'aden and MP Materials have not commented, Lynas acknowledged it is in talks with emerging global rare earth companies. Among the competitors, Shenghe and Neo have extensive experience in rare earth processing and magnet production.
Rare earth elements consist of 17 chemically similar metals, and their refining process is complex and environmentally challenging. Given the complexity of these metal separation processes, more efficient refining methods are still being sought. China's dominance in the rare earth refining industry, controlling nearly 90% of global production capacity, highlights the strategic importance of Saudi Arabia's move.
Saudi Arabia's emphasis on the mining industry aligns with Crown Prince Mohammed bin Salman's "Vision 2030," which aims to achieve economic diversification and reduce reliance on oil. Saudi Arabia is enhancing its influence in the global mineral supply chain through large-scale investment and strategic partnerships.
In line with its national investment strategy, Saudi Arabia plans to invest $9.32 billion in smelting projects in collaboration with India's Vedanta and China's Zijin Mining. Saudi Arabia's sovereign wealth fund supports US-based electric vehicle manufacturer Lucid, which opened a factory in Saudi Arabia in 2023. The country has also signed memorandums of understanding for rare earth and lithium projects with Hastings Technology Metals and Critical Metals. In February 2025, Ma'aden issued its first Islamic bond, raising $1.25 billion, a key step in its $12 billion expansion plan for 2030.
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