Riyadh considers investing in Chilean lithium production

Santiago. Saudi company Manara Minerals is studying opportunities to invest in lithium production in Chile, Minister Bandar Alkhorayaf said on Monday.

Manara, a joint venture between state-owned mining company Ma’aden and the Public Investment Fund (PIF), is “analyzing the different options,” Alkhorayaf said in an interview during his visit to Chile.

Riyadh is working to secure access to lithium and other minerals as part of its goal to become a hub for battery and electric vehicle manufacturing as it seeks to diversify its oil-dependent economy.

Alkhorayaf, the industry and mineral resources minister, said Manara was interested in Chile, the world’s second-largest producer of the battery metal.

“I think we can see something with Manara in the Chilean assets here. It makes a lot of sense,” he said, adding that he sees “a great commitment” from the Chilean government to help secure investment.

Chilean state-owned mining company Codelco is currently seeking a partner for a major lithium project at the Maricunga salt flat, and the government has recently opened other lithium deposits to private investment.

Alkhorayaf participated on Monday in meetings with the Chilean Ministry of Mining, which were also attended by Codelco.

“We have a leadership that is very ambitious,” he said. “We are serious about supplying ourselves now (…) as soon as possible.”