Saudi Arabia is stepping up its global mining efforts with upcoming visits to Brazil and Chile by Minister of Industry and Mineral Resources Bandar Alkhorayaf. According to a statement from the Saudi government, the visits aim to strengthen partnerships and explore opportunities in key sectors like mining and lithium production.
In Brazil, Minister Alkhorayaf’s agenda includes discussions on mining, food processing, and aviation. He is set to meet with prominent entities such as Minerva Foods, JBS, BRF SA, as well as the Brazilian Mining Association (IBRAM) and mining giant Vale. These talks underscore Saudi Arabia’s interest in diversifying its economic portfolio beyond oil, aligning with global trends towards electric vehicles (EVs).
From Brazil, Minister Alkhorayaf will head to Chile, the world’s second-largest producer of lithium, a crucial component for EV batteries. In Chile, he plans to meet with Aurora Williams, Chile’s Minister of Mining, and executives from major mining firms like Antofagasta and Codelco. Codelco, a state-owned enterprise, is pivotal in Chile’s lithium industry and has been seeking partnerships to advance lithium projects, potentially including collaborations with Saudi entities like Almar Water Solutions.
Saudi Arabia’s strategic focus on mining and lithium underscores its ambitions to foster a robust EV ecosystem and reduce dependency on oil revenues. The country’s sovereign wealth fund, the Public Investment Fund (PIF), and its mining company, Ma’aden, have formed a joint venture named Manara Minerals. This initiative aims to secure mineral resources abroad, including copper, cobalt, nickel, and lithium, essential for both EVs and other high-tech industries.
Brazil’s Minister for Energy, Alexandre Silveira, has indicated that the PIF plans significant investments totaling $15 billion in Brazil. These investments are intended for sectors such as green hydrogen, infrastructure, and renewable energy, further solidifying Saudi Arabia’s commitment to diversifying its investment portfolio and global economic footprint.
Minister Alkhorayaf’s visits to Brazil and Chile mark significant steps in Saudi Arabia’s strategic shift towards becoming a global player in mining and advancing its role in the burgeoning EV market.
