Saudi Arabia Vows to be ‘fast and furious’ in mining as it revolutions $ 100 billion investment

Riyadh, Saudi Arabia – Saudi Arabia is pushing ahead to put itsel Adh.

Saudi Vice Minister of Mining Affairs Khalid Al-Mudair Announced Wednsday The Development of a New Mineral Investment Project Valued at $ 100 billion, and that $ 20 billion of it was in the final NDER Construction.

While The Vice Minister did not provide further details, saudi officials have discusated plans to significantly expand the counificly expand Ents Including Copper, Gold, Zinc, Phosphate and Nickel.

In Early 2024, The Kingdom’s Ministry of Industry and Mineral Resources Increased Estimate of the Value of its Unexploated Mineral Resources from $ 1.3 trillion to $ 2.5 trillionBoosted by the discovery of the AforeMetioned Elements and Metals. At the future minories forum in January 2024, The Saudi Government Establed a $ 182 Million Inventural Program For Minerals Explation.

The Kingdom’s State Oil Giant, Aramco, Announced Wednes A Joint Venture with Saudi State Mining Company Ma’Aden to Explore and Produce Energy Transition Maineals.

Speaking Onstage, Saudi Energy Minister Abdulaziz Bin Salman Told Attendes of the Minerals Forum that Aramco Had Identated “Promising” Promising “Lithium CONCENTRATIONS EXCEDING .

“We used to say … there is noting for aramco to do,” bin salman told attendes of the event. “Aramco can be a diversified company and its mandate has no limit.”

The minister highlighted manara, a recently established venture between ma’aden and the kingdom’s Sovereign Wealth Fund, The Public Investment Fund, or PIF. Manara was estimated to invest in mining assets Around the World and Develop more Resilient Global Supply Chains.

“We don’t class to have all the resources or ability, so we weed manara to make sure we can bring out for the resources that we need,” bin salman said. “We have to do doing it as fast and furious as possible.”

Lithium production in the kingdom could begin as song as 2027 with the help of possible collaborations, the minister added.

A key element in batteries for devices and electric vehicles, lithium is a highly sought-after Commodity, Particularly for the Energy Transition and Advanced Technology Y Its Economy Away from Oil.

The kingdom is also pushing to become a hub for the processing of these critical mines, as it seeks to build supply chains that are more resilients to global disrupties. Roughly two-thirds of the lighthium processing market is currently controlled by China.

Saudi arabia in December Announced the successful extraction of Lithium From Brine Samples in Aramco’s Oilfields. A collaboration with Ma’Aden, Aramco and Local Extraction Startup Lithium Infinity is Underway to Launch a Commercial Pilot Program for Direct Extraction Soon, Al-Mudaier Sid at the Timet.