RIYADH, Saudi Arabia — Saudi Arabia is working to put itself on the global critical minerals map, announcing a number of deals, investment plans and discoveries at the annual Future Minerals Forum in the capital Riyadh.

Saudi Deputy Minister of Mining Affairs Khalid al-Mudaifer announced on Wednesday the development of a new mining investment project worth US$100 billion, of which US$20 billion has entered the final engineering stage or is under construction.

Although the deputy minister did not provide further details, Saudi officials have discussed plans to significantly expand the country’s exploration of lithium as well as other critical minerals and rare earth elements, including copper, gold, zinc, phosphates and nickel.

In early 2024, the Saudi Ministry of Industry and Mineral Resources raised its estimate of the value of its untapped mineral resources $1.3 trillion to $2.5 trillionmotivated by the discovery of the aforementioned elements and metals. At the Future Minerals Forum in January 2024, the Saudi government Established $182 million incentive plan For mineral exploration.

Saudi Arabia’s state oil giant Aramco announced on Wednesday a joint venture with Saudi state-owned mining company Ma’aden to explore and produce energy transition minerals.

Speaking on stage, Saudi Energy Minister Abdulaziz bin Salman told mining forum attendees that Aramco had found “promising” lithium concentrations in areas where it operates exceeding 400 parts per million.

“We used to say… that Aramco has nothing to do,” bin Salman told event attendees. “Aramco can be a diverse company whose mission is unlimited.”

The minister highlighted Manara, Ma’aden’s recent joint venture with the Saudi sovereign wealth fund, the Public Investment Fund (PIF). Manara was established to invest in mining assets around the world and develop more resilient global supply chains.

“We don’t claim to have all the resources or capabilities, so we created Manara to make sure we get what we need,” bin Salman said. “We have to do it as fast and as fiercely as possible. ”

The minister added that lithium production in the country could start as early as 2027 with the help of possible collaborations.

Lithium, a key element in equipment and electric vehicle batteries, is a highly sought-after commodity, particularly in the energy transition and advanced technologies, as well as Saudi Arabia’s efforts to diversify its economy away from oil.

The country is also aiming to become a processing hub for these critical minerals, seeking to build supply chains that are more resilient to global disruptions. About two-thirds of the lithium processing market is currently controlled by China.

saudi arabia december Announcing the success of lithium extraction Brine samples from the Aramco oil field. Al-Mudaifer said at the time that cooperation with Ma’aden, Saudi Aramco and local mining startup Lithium Infinity was ongoing and that a commercial pilot program for direct mining would soon be launched.