Saudi Arabia plans to begin discussions with the United States on a potential agreement focused on collaboration in the mining and mineral resources sectors, according to a statement from the Saudi cabinet reported by the state news agency on Tuesday.
While the cabinet announcement did not disclose the specific terms of the proposed memorandum, it confirmed that the Saudi Ministry of Industry and Mineral Resources would negotiate the deal with the U.S. Department of Energy.
The development comes ahead of an upcoming visit by U.S. President Donald Trump to the Kingdom.
Saudi Arabia is accelerating efforts to grow its mining industry as part of its Vision 2030 strategy to diversify its economy away from oil dependency. Key mineral resources being developed include gold, phosphate rock, and bauxite.
Recent surveys and exploration activities have revealed significant domestic mineral deposits, with Saudi officials revising the country’s estimated mineral wealth to $2.5 trillion last year—an increase largely driven by the inclusion of rare earth elements.
In April, Reuters reported that Saudi mining giant Ma’aden was evaluating potential rare earths processing partnerships with international firms. Among the candidates are MP Materials from the U.S., China’s Shenghe Resources, Australia’s Lynas Rare Earths, and Canada’s Neo Performance Materials.
In addition to its domestic ambitions, Saudi Arabia is expanding its global mining footprint. Through Manara Minerals—a joint venture between Ma’aden and the Public Investment Fund—the Kingdom has begun investing in foreign mining ventures. One of its first major moves was acquiring a 10% stake in Vale Base Metals, the $26 billion copper and nickel unit spun off from Brazil’s Vale in 2023.
