Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Al-Khorayef, has reiterated the country’s commitment to importing lithium from abroad in order to support its ambitions in producing electric car batteries and investing in the sector. He emphasized that while efforts to source lithium locally are still in the early stages, 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 importance of lithium and stated that it is unimaginable to live without it. Saudi Arabia is exploring the possibility of extracting lithium from seawater and salty discharges in collaboration with Aramco, although the success of these initiatives remains 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 on any discussions regarding lithium licenses. However, Al-Khorayef stated that he was not aware of any discussions with Chile regarding lithium licenses specifically. The efforts to secure a stable supply of lithium are crucial for Saudi Arabia’s investments in electric vehicle production and battery technology.
