Hastings Technology Metals (ASX:HAS) signed a non-binding memorandum of understanding (MoU) with the Ministry of Investment of Saudi Arabia to establish a rare earths downstream processing supply chain, according to a Thursday filing with the Australian bourse.

As per the MoU, the mining firm will become part of the Kingdom of Saudi Arabia's Global Supply Chain Resilience Initiative and develop a fully integrated rare earths downstream processing facility, the filing said.