Saudi Arabia’s flagship mining company Ma’aden is considering choosing at least one of four foreign firms to form a rare earths processing partnership, three sources with knowledge of the matter said, as the kingdom bids to become a global critical minerals hub.
Ma’aden is weighing a partnership with US-based MP Materials, China’s Shenghe Resources, Australia’s Lynas Rare Earths or Canada’s Neo Performance Materials, the sources said.
Ma’aden plans to choose at least one partner by the end of June to help develop plans for a rare earths processing facility and eventually a magnet facility inside the kingdom, according to the sources, who were not authorized to discuss the deliberations publicly.
The selection process, details of which have not previously been reported, underscores how minerals processing is fast becoming a necessity for tech-focused economies looking to produce their own…
