Saudi Arabia’s mining minister is expected to visit Brazil and Chile over the next two weeks, according to an official statement from the ministry. This visit marks a strategic move by the world’s leading oil exporter to broaden its international mining footprint.
Discussions in Brazil are expected to encompass mining, food processing, and aviation, while in Chile, the emphasis will be on lithium, a critical component of electric vehicle batteries, Chile is the world’s second-largest lithium producer.
“This aligns with the Kingdom’s direction towards expanding the production of EVs,” stated a Saudi government release, according to a report.
In Brazil, Alkhorayaf will meet with leaders from Minerva Foods, JBS, BRF SA, the Brazilian Mining Association (IBRAM), and Vale. In Chile, he will meet with Aurora Williams and representatives from Antofagasta and state-run Codelco, which is seeking private-sector partners for lithium projects.
A potential partner is Saudi Arabia’s Almar Water Solutions. In June, its chief executive expressed interest in collaborating with Codelco on its planned Maricunga lithium mining project.
Traditionally reliant on oil, Saudi Arabia aims to leverage lithium to diversify its economy and establish itself as a hub for EV manufacturing. This diversification strategy includes expanding into international mining to secure access to essential minerals such as copper, cobalt, nickel, and lithium.
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), and the Kingdom’s Mining Company, Ma’aden, which is 67% owned by the PIF, have formed a joint venture called Manara Minerals to invest in mining assets globally.
Brazil’s Minister for Energy, Alexandre Silveira, mentioned last month that the PIF plans to invest $15 billion in Brazil across sectors such as green hydrogen, infrastructure, and renewable energy.
Earlier this month, Saudi Arabia’s Ministry of Industry and Mineral Resources initiated the bidding process for five new mineral exploration licenses.
Three licenses will be available for the Jabal Sayid site, encompassing an area of 2,892 square kilometres. This site contains base metals such as gold, silver, copper, zinc, and lead.
The second site, located in Al-Hajjar, covers up to 1,896 square kilometres and includes minerals such as gold, silver, copper, zinc, and lead.
