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A Saudi firm that was to be a key vehicle for the kingdom to invest in foreign mining assets is shifting its strategy away from global acquisitions, people familiar with the matter said, as the Gulf country increasingly prioritizes building up its domestic economy....
Saudi Arabian equities dropped the most in almost eight months on Sunday as a global metals selloff hit local miners and speculation intensified over the possibility of military attacks involving the US, Iran and Israel....
Saudi Arabia's state-controlled metals and mining vehicle is in talks with some of the world's biggest commodity houses over a push into trading, as the kingdom expands its presence in global supply chains....
Saudi Arabia is poised to buy gold from war-torn Sudan, potentially taking a share of the lucrative market from the United Arab Emirates as a dispute simmers between the two Gulf powers....
The agreement will expand MP's global footprint and is structured to "ensure U.S. oversight and alignment with national security objectives," the company said....
MP Materials Stock Spikes After JV Deal With Saudi Arabia's Flagship Mining Company
MP Materials stock is up more than 6% heading into the cash open after the company announced a rare earth refinery joint venture with Saudi Arabia's flagship mining company.
MP, the U.S. Department of War, and Saudi Arabia's state mining giant Maaden have announced a joint venture to build a rare earth refinery in Saudi Arabia, marking one of the first major projects under a new U.S.–Saudi framework for critical mineral cooperation, the company wrote in a release this morning.
The venture is intended to diversify and stabilize the global rare earth supply chain, reducing reliance on adversarial sources while supporting manufacturing and defense needs in both countries and their allies.
The refinery will process rare earth feedstock from Saudi Arabia and other regions, producing separated light and heavy rare earth oxides for U.S., Saudi, and allied markets.
MP Materials CEO James Litinsky said, “We are h...
Vedanta Ltd. is planning to boost investments in Saudi Arabia as the Indian conglomerate bets on the kingdom's ambitions to become a metals and mining hub as part of its massive economic transformation....
Chinese steelmakers are still flooding the world with record exports, as a rising tide of protectionism is offset by resilient demand in Southeast Asia and growth in new markets in the Middle East....