“I’m positive Codelco is an effective candidate for collaboration due to the capabilities they’ve, due to the heritage, and the truth that it’s a state-owned firm,” Alkhorayef stated.
Codelco is navigating some of the difficult intervals in its practically 50-year historical past after a sequence of setbacks at tasks and mines. The corporate has been juggling 4 massive investments at its getting old operations after many years of under-funding. On the identical time, additionally it is making a foray into lithium as a part of President Gabriel Boric’s plans to have extra state management in output of the battery steel.
In the meantime, Saudi Arabia is deploying huge quantities of capital to diversify its economic system away from oil and fuel. As such, it needs to safe entry to crucial minerals similar to copper, nickel, lithium and iron ore to develop into a key hub for making batteries for electrical automobiles and to develop a home auto trade.
Negotiations in Chile are at an early stage, and the dominion is open to exploring buildings for partnerships, Alkhorayef stated.
“The wonder concerning the mining sector right here in Chile, not like another international locations, is that you’ve selection,” he stated. “You might have massive, medium, and small firms. It’s a novel scenario. Usually you discover solely massive gamers, and, typically you’ll find good property which can be medium-sized the place they are often complemented.”
Alkhorayef held conferences with Chile’s ministries of finance and mining on Monday, and on Tuesday will speak with Sociedad Quimica y Minera de Chile SA or SQM, Codelco, Antofagasta Minerals SA, and CAP SA.
Saudi Arabia can also be trying to export fertilizers to bolster Chile’s farming actions and meals safety, the minister stated.
Earlier than touchdown in Chile the minister visited Brazil as a part of plans to spice up non-oil exports to Latin America’s largest economic system. He additionally invited firms there to spend money on the dominion.
In mid-2023 Saudi Arabia signed a $2.6 billion deal to purchase 10% of Vale SA’s base steel unit. The nation is trying to purchase extra stakes in international mining operations by Manara Minerals Funding Co., a car established by the dominion’s highly effective sovereign wealth fund and Saudi Arabian Mining Co.
(By Valentina Fuentes and Matthew Malinowski)
Learn Extra: Lithium tasks more likely to exceed authorities targets in Chile