Saudi Arabia discovered an estimated 110 million tonnes of rare earth minerals and uranium ore in the Madinah region. This find impacts MP Materials, which maintains an active partnership with the Saudi state mining company, Ma'aden.
The partners are constructing a rare earth processing plant within the Kingdom. The US Department of Defense is financing 49% of the facility.
This discovery positions the partnership as a critical rare earths supplier outside of China. The collaboration reflects deepening strategic cooperation between the US and Saudi Arabia on mineral security.
U.S. rare earth stocks slipped between 0.8% and 2% overnight. MP Materials saw volatility amid geopolitical tensions surrounding a potential cancellation of a US-China summit.