January 24, 2025

Saudi Arabian Energy Minister Abdulaziz bin Salman speaks at the annual Future Investment Initiative (FII) conference in Riyadh on October 29, 2024.

Fayez Noureddin | AFP | Getty Images

RIYADH, Saudi Arabia — Saudi Arabia is working to put itself on the global critical minerals map, announcing a number of deals, investment plans and discoveries at the annual Future Minerals Forum in the capital, Riyadh.

Saudi Arabia’s Deputy Minister of Mining Affairs Khalid al-Mudaifer on Wednesday announced the development of a new mining investment project worth US$100 billion, of which US$20 billion has entered the final engineering stage or is under construction.

While the deputy minister did not provide further details, Saudi officials have discussed plans to significantly expand exploration in the country for lithium as well as other key minerals and rare earth elements, including copper, gold, zinc, phosphates and nickel.

In early 2024, Saudi Arabia’s Ministry of Industry and Mineral Resources raised its estimate of the value of its untapped mineral resources $1.3 trillion to $2.5 trillionmotivated by the discovery of the aforementioned elements and metals. At the Future Minerals Forum in January 2024, the Saudi Arabian government Established $182 million incentive plan For mineral exploration.

Saudi Arabian oil giant Aramco on Wednesday announced a joint venture with Saudi Arabian state-owned mining company Ma’aden to explore and produce energy transition minerals.

Speaking on stage, Saudi Arabia’s Energy Minister Abdulaziz bin Salman told Minerals Forum attendees that Aramco had discovered lithium concentrations in areas where it operates exceed 400 parts per million. “There are hope”.

“We used to say… that Aramco has nothing to do,” bin Salman told event attendees. “Aramco can be a diverse company whose mission is unlimited.”

The minister highlighted Manara, a recent joint venture between Saudi Arabia’s state-owned mining company Ma’aden and the country’s sovereign wealth fund, the Public Investment Fund (PIF). Manara was established to invest in mining assets around the world and develop more resilient global supply chains.

“We don’t claim to have all the resources or capabilities, so we created Manara to make sure we get what we need,” bin Salman said. “We have to do it as fast and as fiercely as possible. ”

Saudi Aramco’s Ras Tanura refinery and oil terminal

Ahmed Jadallah | Reuters

The minister added that lithium production in the country could start as early as 2027 with the help of possible collaborations.

Lithium, a key element in batteries for equipment and electric vehicles, is a highly sought-after commodity, particularly in the energy transition and advanced technologies, as well as Saudi Arabia’s efforts to diversify its economy away from oil.

The country is also aiming to become a processing center for these critical minerals, seeking to build supply chains that are more resilient to global disruptions. About two-thirds of the lithium processing market is currently controlled by China.

saudi arabia december Announcing the success of lithium extraction Brine samples from the Aramco oil field. Al-Mudaifer said at the time that cooperation with Ma’aden, Saudi Aramco and local mining startup Lithium Infinity was ongoing and that a commercial pilot program for direct mining would soon be launched.

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