In what is set to be a major agreement between the two countries, the US and Saudi Arabia are finalizing a new mining and mineral deal. Indeed, the two countries are closing in on the terms of the new agreement that will affect the industry significantly.
The details and specifics of the deal have not been disclosed, although Saudi Arabia’s cabinet released a statement verifying the “memorandum” agreement was on the way. Moreover, the deal presents a key opportunity for both nations to increase cooperation between the two countries.
JUST IN: 🇺🇸🇸🇦 United States and Saudi Arabia preparing to finalize new mining and minerals deal. pic.twitter.com/Km9Eea8p8W
— Watcher.Guru (@WatcherGuru) May 6, 2025
Also Read: Saudi Arabia’s Next Ambitious Project: To Become a ‘Mining Powerhouse’
US and Saudi Arabia Agree to Key Mineral Deal Ahead of President Trump’s Visit
Since his return to the White House, US President Donald Trump’s economic policy and international relations have been the subject of criticism. He debuted new America-first tariff plans that would increase import duties across the board. Moreover, he has been at the center of increased tensions that have the nation on the brink of a trade war.
Yet, he has also sought out renegotiated trade deals with India that would eliminate certain tariffs. Moreover, under his guidance, the US and Saudi Arabia are finalizing a landmark mining and mineral deal. Indeed, the terms are finalizing ahead of Trump’s visit to the nation in the coming week.
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Although the details are sparse, the move is set to have major ramifications. Specifically, Saudi Arabia is seeking to become a powerhouse in the mining sector. Its Vision 2030 plan featured an economic diversification initiative that focused heavily on its mineral resource efforts.
The kingdom recently announced the discovery of domestic resources that doubled its mineral reserves last year. Those reserves hit a value of $2.5 trillion and sport even more potential. The country’s most prominent mining firm, Ma’aden, is set to reportedly select one of four foreign firms to form a processing partnership. Although not confirmed, that may be a US-based company, as at least one is under consideration.