Saudi Arabia explores investment opportunities in lithium and copper production with Chinese companies

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef discussed on Friday with senior officials of the Chinese mining companies about enhancing bilateral cooperation in the mining sector. They also explored the joint investment opportunities in processing and producing lithium used in electric car batteries as well as in processing and refining copper.

The meeting was held in the presence of Assistant Minister of Industry and Mineral Resources for Planning and Development Abdullah Ali Alahmari; CEO of the National Industrial Development Center Saleh Al-Solami and CEO of the Saudi Authority for Industrial Cities and Technology Zones (MODON) Majed Al-Argoubi.

Alkhorayef reviewed with the Chairman of the Board of Directors of General Lithium Corporation topics such as Saudi Arabia’s objectives in the electric car manufacturing sector, the available qualitative investment opportunities in the sector, and the importance of developing cooperation and exchanging knowledge and innovation in the mining sector, especially in the field of lithium production and Processing.

The minister highlighted the Kingdom’s plans to become a global hub for producing and exporting electric vehicles and develop the electric vehicle industry to produce 500,000 electric vehicles annually by 2030 as part of developing the infrastructure for the electric car industry in Saudi Arabia.

The automotive industry is one of the top promising sectors that the National Industrial Strategy has focused on developing, including the focus on manufacturing environmentally friendly vehicles, including electric cars.

Last year, the Kingdom issued a license for the first Saudi brand for manufacturing electric cars, Ceer, and the first factory for manufacturing electric vehicles, Lucid, was inaugurated in the Kingdom. Ceer, a joint venture between Taiwanese technology group Foxconn and the Saudi Public Investment Fund, signed a $1.3 billion contract to establish an electric car complex in King Abdullah Economic City, scheduled to start production by 2025.

The official visit of Alkhorayef to China follows a visit last month to Chile, the second largest producer of lithium in the world, which aimed to enhance cooperation in lithium production, the basic component of electric car batteries.

Regarding investment in copper processing and refining, Alkhorayef met with the Chairman of the Board of Directors of Jiangxi Copper Company, which operates in the field of copper extraction, smelting and refining and plays a pivotal role in the global copper industry, and leads innovations and sustainability initiatives to meet the growing demand for copper globally.

Additionally, the minister held a series of meetings with leaders of major companies in the fields of smart manufacturing solutions, infrastructure development, and packaging, during which they discussed mutual investment opportunities in these sectors and the capabilities and incentives provided by the Kingdom to industrial investors.

Alkhorayef met with the Chief Strategy Officer at Biwin Storage Technology Company and reviewed opportunities for cooperation in the packaging sector. The minister also met with the Co-founder and CEO of Guangzhou HeyGears, which specializes in applying 3D printing technology, and creating comprehensive smart manufacturing solutions in multiple sectors, including consumer electronics, dentistry, healthcare, industrial, artistic and creative products. HeyGears provides technical support services in more than 30 countries and regions across the United States and the continents of Europe and Asia.

The minister of industry and mineral resources discussed initiatives to enhance digital skills and the potential to implement advanced technologies, such as the Internet of Things, AI, and robotics, to improve manufacturing efficiency and productivity with the CEO of Huawei Enterprise for Oil and Gas and Chairman of Huawei KSA.

The meetings of Alkhorayef with leaders of a number of institutions and private sector companies in China come within the framework of an official visit to China as part of an economic tour in East Asia that includes China and Singapore, in which the minister heads a delegation of officials of the mineral wealth industry with a plan to strengthen bilateral ties, attract qualitative investments to the Kingdom, and discover investment opportunities in the industrial sector.