Saudi Arabian enterprise Manara Minerals is currently assessing potential investments in lithium extraction within Chile, as expressed by the nation’s mining minister Bandar Alkhorayaf during his visit to the Latin American state.
The collaboration between the governmental miner Ma’aden and the Public Investment Fund (PIF), Manara, is “analysing the different options,” remarked Alkhorayaf in a recent dialogue.
With ambitions to establish itself as a central player in the battery and electric vehicle (EV) manufacturing sector, Saudi Arabia is proactively seeking to diversify its economy beyond its traditional reliance on oil. This strategic move includes securing lithium and other vital minerals.
The Saudi Minister of Industry and Mineral Resources highlighted Chile’s status as a leading producer of the crucial battery metal and conveyed optimism about Manara’s potential engagement with Chilean lithium resources. “I think we can see something happening with Manara on the Chilean assets here. It makes a lot of sense,” he stated, noting the Chilean government’s strong commitment to facilitating such investments.
Although Alkhorayaf was not privy to specific negotiations, he acknowledged that Chile’s national mining company, Codelco, is on the lookout for a collaborator on a significant lithium venture at the Maricunga salt flat, while other deposits have recently been made available to private stakeholders.
Meetings convened on Monday with Chile’s mining ministry saw the participation of both Alkhorayaf and Manara CEO Pierre Chenard, with Codelco representatives in attendance. Further discussions were scheduled, including a meeting with Codelco’s Chairman Maximo Pacheco and representatives from other mining firms like SQM, Antofagasta, and CAP.
However, with Pacheco accompanying Chilean President Gabriel Boric on a trip to the UAE aimed at bolstering investment ties, Codelco did not issue comments on the impending Tuesday meeting.
Alkhorayaf emphasized the urgency with which Saudi Arabia is pursuing lithium acquisition, including prospects in Chile, to support domestic EV battery production. “We have very ambitious leadership,” he said, emphasizing the need for immediate action.
The dialogue between Alkhorayaf and his Chilean counterpart Aurora Williams encompassed topics such as the mineral supply chain, water resources, and lithium. Further, Alkhorayaf proposed the creation of a bilateral working group to foster deeper collaboration, as reported by Chile’s mining ministry.
