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Saudi Arabia’s Energy Minister Abdulaziz bin Salman speaks during the annual Future Investment Initiative (FII) conference in Riyadh on October 29, 2024.
Fayez Nureldin | Afp | Getty Images
RIYADH, Saudi Arabia — Saudi Arabia is aiming to put itself on the global minerals map, announcing a series of deals, investment plans and discoveries at its annual Future Minerals Forum in the capital, Riyadh.
Saudi Arabia’s Deputy Minister of Mining Khalid Al-Mudaifer announced on Wednesday the development of a new mining investment project estimated at $100 billion, of which $20 billion has already been are in the final stages of design or under construction.
Although the vice minister did not provide further details, Saudi officials discussed plans to significantly expand exploration for lithium, as well as other important minerals and rare earths, including copper, gold, zinc, phosphate and nickel.
In early 2024, the Kingdom’s Ministry of Industry and Mineral Resources increased the estimate of the value of undeveloped mineral resources from From 1.3 trillion to 2.5 trillion dollarsprompted by the discovery of the aforementioned elements and metals. At the Minerals of the Future Forum in January 2024. the government of Saudi Arabia established a $182 million stimulus program for mineral exploration.
The kingdom’s state-owned oil giant Aramco announced on Wednesday a joint venture with Saudi state-owned Ma’aden Mining Company for exploration and production of minerals for the energy transition.
Speaking on stage, Saudi Arabia’s Energy Minister Abdulaziz bin Salman told attendees at the Minerals Forum that Aramco had discovered “promising” concentrations of lithium exceeding 400 parts per million in areas where it operates.
“We used to say… Aramco has nothing to do,” bin Salman told attendees at the event. “Aramco can be a diversified company and its mandate has no limits.”
The minister highlighted Manara, a newly formed venture between Ma’aden and the kingdom’s sovereign wealth fund, the Public Investment Fund, or PIF. Manara was created to invest in mining assets around the world and develop more sustainable global supply chains.
“We don’t claim to have all the resources or capabilities, so we created Manara to make sure we can get the resources we need,” bin Salman said. “We have to do it as fast and furious as possible.”
Saudi Aramco Ras Tanura Refinery and Oil Terminal
Ahmed Jadala | Reuters
Lithium production in the kingdom could begin as early as 2027 with the help of possible cooperation, the minister added.
A key element in batteries for devices and electric vehicles, lithium is a commodity in high demand, especially for the energy transition and advanced technologies, and as Saudi Arabia works to diversify its economy away from oil.
The kingdom is also looking to become a hub for the processing of these critical minerals as it seeks to build supply chains that are more resilient to global disruptions. About two-thirds of the lithium recycling market is currently controlled by China.
Saudi Arabia in December announced the successful extraction of lithium from Aramco oil field brine samples. Collaboration is ongoing with Ma’aden, Aramco and local mining startup Lithium Infinity to launch a commercial direct mining pilot program soon, al-Mudayfer said at the time.
