“This aligns with the Kingdom’s route in the direction of increasing the manufacturing of EVs,” a Saudi authorities assertion mentioned.
Saudi Minister of Trade and Mineral Sources Bandar Alkhorayaf will land in Brazil on Monday and depart for Chile, the world’s second largest producer of lithium, subsequent Sunday.
First in Brazil, Alkhorayaf will meet agricultural and industrial teams, together with Minerva Meals, JBS, and BRF SA, in addition to the Brazilian Mining Affiliation (IBRAM) and mining firm Vale.
In Chile, Alkhorayaf will meet his counterpart Aurora Williams, in addition to mining corporations Antofagasta, and Codelco, a state-run firm tasked with bringing the Chilean authorities into the lithium trade.
Codelco has been searching for non-public sector companions to launch lithium tasks.
A possible candidate is Saudi Arabia’s Almar Water Options, whose chief govt mentioned in June the corporate sought a partnership with Codelco in its deliberate Maricunga lithium mining challenge.
Lengthy depending on oil, Saudi Arabia hopes to make use of lithium to assist diversify its economic system and switch itself right into a hub for EV manufacturing.
The diversification technique consists of plans to develop into worldwide mining to safe entry to minerals together with copper, cobalt and nickel, in addition to lithium.
Saudi Arabia’s sovereign wealth fund, the Public Funding Fund (PIF), and the Kingdom’s Mining Firm, referred to as Ma’aden, which is 67% owned by the PIF, shaped a three way partnership referred to as Manara Minerals to put money into mining belongings overseas.
Brazil’s minister for vitality Alexandre Silveira mentioned final month the PIF plans to speculate $15 billion in Brazil in areas corresponding to inexperienced hydrogen, infrastructure and renewable vitality.
(By Pesha Magid; Modifying by Barbara Lewis)