Saudi Arabia’s cabinet said it is set to discuss a potential agreement with the United States about cooperation in the mining and mineral resources sectors, reported Reuters. U.S. President Donald Trump has a planned trip to the Middle Eastern kingdom next week.
Saudi Arabia has been rapidly expanding its mining sector as part of its Vision 2030 economic diversification program, which aims to wean the economy off of oil. Saudi officials estimate the country’s minerals reserves to be $2.5 trillion, largely due to the discovery of extensive rare earths.
Reuters reported in April that state-owned miner Ma’aden is considering choosing at least one of four foreign firms, including U.S.-based MP Materials, to form a rare earths processing partnership.
Saudi Arabia has also grown its international mining presence, launching a joint venture between its sovereign wealth fund and Ma’aden to invest in mining assets abroad. Manara Minerals’ first major deal was becoming a 10% shareholder in Vale’s copper and nickel spin-off Vale Base Metals in 2023.
Source: Reuters