Speaking to Russia’s state-run TASS agency, Minister Alkhorayef responded “Absolutely” when asked about potential cooperation with Moscow on rare earth elements (REEs). He stated that Saudi Arabia’s estimated mineral reserves had grown from $1.3 trillion to $1.5 trillion, with a significant portion containing rare earths—a group of 17 metals vital to electronics, clean energy, and defense manufacturing.

The minister also stressed the need to invest in the development of technologies that can extract, refine, and process these resources efficiently, describing such capabilities as both “interesting and important.”

The growing global demand for rare earths—fueled by electric vehicles, wind turbines, and advanced military systems—has sparked strategic competition among countries seeking to secure supply chains. Riyadh’s engagement with Russia could signal a deeper geopolitical alignment in the resource economy.

Strategic Diversification Amid Global Tensions

The potential Saudi-Russian partnership comes amid intensifying competition with China, which dominates global rare earth production and has recently taken steps to limit exports. Western countries, particularly the US and EU, have sought alternative suppliers, creating new opportunities for countries like Saudi Arabia to enter the market.

For Russia, such collaboration offers a chance to bypass Western sanctions and strengthen its role in non-Western supply networks. For Saudi Arabia, it fits into Vision 2030, Crown Prince Mohammed bin Salman’s strategy to reduce dependence on oil by expanding mining, manufacturing, and clean tech sectors.

The move also reflects Riyadh’s ambitions to become a regional leader in mineral processing, with mega-projects underway in the Red Sea region and new regulatory frameworks designed to attract foreign investors to the kingdom’s mining sector.

If realized, the Saudi-Russian rare earth alliance could reshape the geopolitical landscape of critical minerals, offering both countries economic and strategic leverage.