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Saudi Arabia's Manara Minerals is looking
at opportunities to invest in lithium production in Chile, mining minister
Bandar Alkhorayaf said on Monday during a visit to the South American country.
Manara, a joint venture between state-owned
miner Ma'aden and the Public Investment Fund (PIF), is "analyzing the
different options," Alkhorayaf said in an interview.
Saudi Arabia is working to secure access to
lithium and other minerals as part of its goal to turn itself into a hub for
battery and EV manufacturing as it aims to diversify its oil-dependent economy.
Alkhorayaf, the Saudi Minister of Industry
and Mineral Resources, said Manara had interest in Chile, the world's
second-largest producer of the battery metal.
"I think we can see something
happening with Manara on the Chilean assets here. It makes a lot of
sense," he said, adding that he saw "great commitment" from the
Chilean government to help secure investment.
He noted that he was not aware of specific
discussions under way. Chile's State-run miner Codelco is currently seeking a
partner for a major lithium project in the Maricunga salt flat, and the
government recently opened a number of other lithium deposits to private
investment.
Alkhorayaf as well as Manara CEO Pierre
Chenard participated in meetings on Monday with Chile's mining ministry in
which Codelco participated. Alkhorayaf was also set to meet with Codelco
chairperson Maximo Pacheco on Tuesday, as well as miners SQM, Antofagasta and
CAP.
However, Pacheco is currently traveling
with Chilean President Gabriel Boric in the United Arab Emirates on a trip
aimed at increasing investment between the two countries.
Codelco did not comment on the meeting
planned for Tuesday.
Alkhorayaf added that Saudi Arabia is
interested in quickly securing supply of lithium, including from Chile, as it
aims to produce EV batteries domestically.
"We have a leadership that's very
ambitious," he said. "We are serious to source it now ... as soon as
possible."
In a meeting with his Chilean counterpart
Aurora Williams, the two discussed the minerals supply chain, water supply
issues and lithium, according to Chile's mining ministry. Alkhorayaf also
proposed setting up a group between both governments to explore possible
collabo。