The Kingdom of Saudi Arabia said on Tuesday that it is set to discuss and sign a mining cooperation agreement with the United States.
According to Saudi’s state news agency, the cabinet let by Prince Mohammed bin Salman has authorized the Minister of Industry and Mineral Resources (or an appointed deputy) to engage with US officials on a draft memorandum of cooperation.
The deal, which will focus on collaboration in mining and mineral resources, is expected to be signed with the US Department of Energy, the cabinet’s statement reads.
This move comes as Saudi Arabia accelerates its drive to become a global hub for battery and electric vehicle manufacturing. The Kingdom is investing heavily in mining and industrial development as part of its broader strategy to diversify the economy away from oil dependence under Vision 2030.
Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef has outlined plans to import raw materials and manufacture batteries using a mix of local and imported metals.
In parallel, Saudi Arabia is seeking to expand its footprint in international mining markets. In January, Saudi officials and Chile’s state-owned miner Codelco began early-stage discussions on potential joint investments in the copper sector. Saudi Arabia is also exploring lithium imports from Chile for domestic processing.
Source: Mining
