Saudi Arabia's Mining Minister Eyes Lithium Ventures in South America

Saudi Arabia's mining minister, Bandar Alkhorayaf, will visit Brazil and Chile to expand the nation's international presence in mining. Discussions will span mining, food processing, aviation, and lithium production, crucial for electric vehicles. The efforts aim to diversify the Kingdom's economy beyond oil, incorporating more minerals and renewable energy investments.

Saudi Arabia's mining minister, Bandar Alkhorayaf, will embark on a two-week tour of Brazil and Chile, aiming to enhance the Kingdom's international mining footprint, the ministry announced on Sunday.

In Brazil, discussions will focus on mining, food processing, and aviation, while Chilean talks will center on lithium, essential for electric vehicle batteries. 'This aligns with the Kingdom's direction towards expanding EV production,' a government statement revealed.

Alkhorayaf's itinerary includes meetings with agricultural and industrial groups in Brazil, such as Minerva Foods, JBS, and BRF SA, and mining companies like Vale. In Chile, he will meet his counterpart Aurora Williams and leaders of mining enterprises including Codelco and Antofagasta.

Saudi Arabia is exploring a potential partnership with Codelco for the Maricunga lithium project through Almar Water Solutions. This venture is a part of Saudi Arabia's broader strategy to diversify its economy beyond oil, positioning itself as a hub for EV manufacturing by securing essential minerals like lithium. The Public Investment Fund and the Mining Company Ma'aden have also established Manara Minerals to invest in international mining assets.

Brazil's energy minister, Alexandre Silveira, recently noted that Saudi Arabia's Public Investment Fund intends to invest $15 billion in Brazil across sectors like green hydrogen, infrastructure, and renewable energy.