(MENAFN) Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Al-Khorayef, affirmed the kingdom's commitment to importing lithium from abroad to bolster its aspirations in electric car battery production. Al-Khorayef emphasized that while efforts to procure these essential supplies domestically are underway, they are still in their nascent stages. The kingdom is actively pursuing its vision to emerge as a hub for manufacturing electric vehicles, recognizing lithium's pivotal role in the battery supply chain.
In an interview with Reuters during the World Economic Forum, Al-Khorayef underscored the significance of lithium as a crucial component for batteries, particularly in the context of electric vehicles. Saudi Arabia has embarked on exploratory initiatives to extract lithium from seawater and saline discharges, collaborating closely with Aramco, the national oil company. Despite some promising indications, Al-Khorayef acknowledged the necessity for further endeavors to ascertain the feasibility of local lithium extraction.
Al-Khorayef elucidated that the economic viability of lithium extraction hinges on two key factors: the size of the deposits and their concentration. Currently, conclusive evidence regarding these parameters is lacking, necessitating additional research and exploration. In response to this uncertainty, the Public Investment Fund and Ma'aden, Saudi Arabia's leading mining company, have established a joint venture named "Manarat Al-Ma'adin" to invest in mining assets abroad.
When queried about the kingdom's international investments in lithium, Al-Khorayef expressed confidence in Saudi Arabia's ability to meet its natural resource requirements through a combination of domestic production and importation. The minister's remarks underscore Saudi Arabia's strategic approach to securing the resources necessary for advancing its ambitions in the electric vehicle sector, positioning the kingdom as a key player in the global transition towards sustainable transportation.
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