The US and Saudi Arabia agreed to develop a rare earths refinery in the Gulf kingdom, the latest in a slew of investments announced after days of meetings between their leaders.
Under the deal, an American minerals firm will partner with Riyadh’s state-owned mining company to supply both countries’ manufacturing and defense industries, which currently rely heavily on rare earths from China, the industry’s dominant player.
While Western nations are racing to diversify their supply, experts have warned that production sites could take years to come online, with a senior official in Greenland — which the US has targeted for its vast deposits — saying it could be a decade before production starts.
