Saudi Arabia is committed to importing lithium from abroad to support its ambitions in producing electric car batteries and investing in the sector, according to Bandar Al-Khorayef, the country’s Minister of Industry and Mineral Resources. He emphasized the importance of lithium in the supply chain, particularly for batteries, and expressed that it is a mineral that is essential for the future.
During a special meeting of the World Economic Forum in Riyadh, Al-Khorayef highlighted the necessity of lithium and stated that it is unimaginable to live without it. The country is exploring the possibility of extracting lithium from seawater and salty discharges in collaboration with Aramco, although the success of these initiatives is still uncertain. Al-Khorayef mentioned that while there are promising signs, more research and development are required to make these initiatives economically viable.
The Public Investment Fund and Ma’aden, its affiliate mining company, have established a joint project called Manarat Al-Ma’adin to invest in mining assets abroad. Al-Khorayef expressed confidence that Saudi Arabia’s natural resource needs will be met through domestic products or imports. Additionally, the Saudi embassy in Santiago has reached out to Chile about potential investments in the mining sector.
Chilean officials have acknowledged discussions with Saudi Arabia regarding potential investments in the mining sector but did not provide specific details. Al-Khorayef stated that he was not aware of any discussions with Chile regarding lithium licenses. The efforts to secure a stable supply of lithium are crucial for Saudi Arabia’s investments in electric vehicle production and battery technology.
