Saudi Arabia’s Maaden to Explore Lithium and Nickel

Saudi Arabia’s state owned Maaden mining company is planning to invest in lithium and nickel exploration in the kingdom over the next twenty years. Maaden CEO Abdulaziz Al Harbi said the company was willing to spend a lot to look for those metals in Saudi Arabia.

The battery metals are expected to see increasing demand as the world moves faster towards energy transition, especially regarding electric vehicles, and wind and solar power installations.

Saudi Arabia has also been preparing for Australia’s EV Metals to develop a battery chemicals complex in the industrial city of Yanbu, but Maaden’s involvement in that project is not clear. In their announcement, EV Metals also said it was applying for exploration licences for lithium, nickel, cobalt, copper, and platinum as well as rare earth minerals.

Lithium prices have surged to record highs this year, and demand will keep growing as electric vehicles become more prominent.

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