Saudi Arabia is developing a USD 100 bn mineral investment project, including USD 20 bn that is currently underway, Industry and Mineral Resources Vice Minister Khalid Al Mudaifer said at the Future Minerals Forum in Riyadh yesterday, according to CNBC. The vice minister did not disclose further details on the project.

The investment is part of a “fast and furious” push to deepen the Kingdom’s mining footprint and position itself as a global mining hub, Energy Minister Abdulaziz bin Salman said at the forum.

ALSO- Aramco and Ma’aden signed a non-binding heads of agreement to form a lithium extraction JV by 2027 to advance direct lithium extraction technologies, Aramco said in a statement. Aramco said it identified areas within its operations where lithium concentrations exceed 400 parts per mn. This story was also covered by Bloomberg.

REMEMBER- The Kingdom increased its estimate of unexploited mineral resources to USD 2.5 tn, driven by discoveries of rare earth elements and metals such as lithium, copper, and gold. To accelerate critical minerals development, it has introduced a USD 182 mn incentive program for exploration.

IN OTHER MINING NEWS-

Aramco plans to ramp up its investments in lithium production, the Financial Times reports, citing three sources it says are in the know.

IN CONTEXT- Global demand for lithium is projected to rise 7x by 2040 on the back of growing appetite for EVs, according to the International Energy Association’s projections. While China dominates two-thirds of the lithium processing market, “Saudi Arabia is very well positioned in processing because of the mixture that we have, starting from energy competitiveness, great infrastructure in terms of industrial cities and ports,” Industry and Mineral Resources Minister Bandar Alkhorayef told the salmon-colored paper. However, Saudi Arabia has yet to establish a significant presence in lithium or battery raw materials, Benchmark Mineral Intelligence says.

The fix? Analysts suggest vertical integration — controlling the entire supply chain from extraction to sales — would help Saudi Arabia’s lithium ambitions to succeed.

REMEMBER- Al Khorayef said in April that the Kingdom will continue to source lithium from abroad as part of its plans for the nascent EV sector, as securing domestic supplies was still at an early stage. Meanwhile, Canada-based NextSource Materials is screening interested investors for a proposed USD 280 mn battery anode plant in Saudi Arabia, it said back in June.

AND- Aramco + Kaust are working on lithium extraction plans: Aramco and King Abdullah University for Science and Technology (Kaust), and Ma’aden are developing a pilot project that tests and develops lithium extraction methods, according to Reuters. Kaust’s startup, Lithium Infinity (Lihytech) is leading technical efforts and R&D. Al Khorayef described the project as “promising but not yet commercially viable.”

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