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MP Materials MP has signed a Memorandum of Understanding with Saudi Arabian mining company, Maaden, to explore and develop a fully integrated, end-to-end rare earth supply chain in Saudi Arabia. This partnership aims to cover the entire value chain from mining, separation and refining to magnet production.
MP & Maaden Partnership to Build Rare Earth Supply Chain
Rare earth magnets are vital in critical technologies spanning transportation, energy, robotics and aerospace. Backed by Saudi Arabia’s abundant energy resources, advanced infrastructure and strategic location, this collaboration aims to diversify and expand the global rare earth supply chain. This will help meet rising demand from fast-growing industries.
Maaden, the Middle East’s largest mining and metals company, reported SAR 32.5 billion ($8.7 billion) in revenues for 2024. It operates 17 mines and production sites, exporting to 55 countries. Maaden is investing in technology and workforce development to develop and position mining as the Kingdom’s third major economic pillar.
MP Materials is the largest producer of rare earth materials in the Western Hemisphere. Headquartered in Las Vegas, NV, the company owns and operates the Mountain Pass Rare Earth Mine and Processing Facility, the only rare earth mining and processing site of scale in North America. The company is also developing a rare earth metal, alloy and magnet manufacturing facility in Fort Worth, TX, where it will produce and sell magnetic precursor products and anticipates manufacturing neodymium-iron-boron (NdFeB) permanent magnets by the end of 2025.
Rare earth products are critical inputs in hundreds of existing and emerging clean-tech applications, including electric vehicles and wind turbines, as well as robotics, drones and defense applications. The market is currently dominated by China, and there has been an increasing focus on developing domestic REE capabilities independent of China.
MP Material’s Q1 Performance
MP Materials reported first-quarter 2025 results on May 8, with revenues rising 25% year over year to $60.8 million but missing the Zacks Consensus Estimate of $64 million.
It reported record (neodymium and praseodymium) NdPr production of 563 metric tons in the quarter, a 330% surge from the year-ago quarter. Sales volumes for NdPr were up 246% year over year to 464 metric tons, attributed to the shift to production of midstream products, mainly NdPr oxide. The Materials Segment’s revenues increased 14% to $55.6 million in the quarter as higher sales volumes were offset by a 16% decline in realized pricing.