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EV-a2z > News > The Kingdom of Saudi Arabia and the US are reportedly “in talks to secure metals” for EVs
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The Kingdom of Saudi Arabia and the US are reportedly “in talks to secure metals” for EVs

EV-a2zm
Last updated: 2023/09/12 at 7:13 AM
EV-a2zm Published September 11, 2023 4 Min Read
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The governments of the United States and Saudi Arabia are reportedly “in talks” to obtain Africa-mined metals for electric vehicle battery production, the Wall Street Journal reports, citing people familiar with the matter.

Contents
What’s currently known about the negotiations?What’s the big deal?Previous initiatives

Andy Vermaut shares:U.S., Saudi Arabia in Talks to Secure Metals for EVs: The kingdom is looking to invest $15 billion in mining assets globally, while the U.S. is seeking to counter China’s supply-chain dominance. Thank you! https://t.co/2NDpDl0Fzj pic.twitter.com/bAhkUZ4RJT

— Andy Vermaut (@AndyVermaut) September 10, 2023

What’s currently known about the negotiations?

The Biden Administration apparently aims to cut its reliance on China for EV-related supplies, with plans to eventually beat it in the global industry. Meanwhile, the kingdom aims to acquire global mining stakes worth $15 billion to bolster its mining industry, Reuters reported.

According to the report, a kingdom-backed business intends to purchase $15 billion in mining assets in African nations. It includes Guinea, Namibia, and the Democratic Republic of Congo. 

Mining town of Kolwezi, Democratic Republic of Congo 🇨🇩

Kolwezi is an important mining centre for copper and cobalt. There are also uranium, radium, oxide ores, and lime deposits. pic.twitter.com/DS8q2szqVS

— Africa View Facts (@AfricaViewFacts) September 5, 2023

It reportedly intends to allow US-based companies to source their supply for electric vehicle battery production in the planned acquisition.

What’s the big deal?

The White House is aggressively working to ultimately cut its reliance on foreign imports, particularly from China. It is part of the government’s efforts to boost its economy and expand its domestic electric vehicle supply chain.

The US aims to level with and eventually surpass China in cobalt, lithium, and other mineral for power batteries.

Therefore, the partnership can significantly aid the country’s push to establish a strong and reliable supply network locally.

Meanwhile, Saudi aims to strengthen its mining industry to generate more income as the world shifts to more sustainable technologies. Global companies are currently racing to secure sufficient supplies to keep their production running. 

That said, the partnership can also support the kingdom’s objectives with its mining and electric vehicle industries.

Previous initiatives

The US implemented the Inflation Reduction Act last year to promote electric vehicle adoption and the clean energy transition. The legislation primarily aims to encourage the domestic production and sourcing of electric vehicles and their components.

That said, the US EV industry is gradually reducing its imports as more automakers establish local operations. 

Meanwhile, Saudi Arabian Mining Co (Ma’aden) and the Saudi Public Investment Fund (PIF) purchased a 10% stake in Vale’s base metal subsidiary in Brazil in July. Meanwhile, US investment company Engine No. 1 obtained a 3% stake.

The deal between Vale (NYSE: VALE) and Manara Minerals, a joint venture of Saudi Arabian Mining Co (Ma’aden) and Public Investment Fund (PIF), signifies the country's first major leap into the global mining sector.

🔗 https://t.co/qkfEJuLX7h #MiningNews #Vale #SaudiArabia pic.twitter.com/eeztVywy2u

— Digital Prospector (@DigiProspector) August 2, 2023

According to the publication, PIF tapped Congo a month prior for cobalt, copper, and tantalum investment through the $3B joint venture with Ma’aden, Manara Minerals.

For context, Manara concentrates on critical minerals for power batteries, including iron ore, lithium, and nickel.

See Also:

  • Mercedes-Benz to secure critical minerals with Rock Tech’s first lithium refinery in Germany
  • US and Japan partner on EV battery minerals to lessen reliance on China
  • Western Australia: A global battery and critical minerals hub
  • JAC Group and HiNa Battery introduce groundbreaking sodium-ion battery 
  • Tesla Chair urges Australian Government to support more domestic battery refinery projects

The US Government is actively pursuing financing prospects from other sovereign-wealth funds in North America. It is also worth noting that the negotiations have reached their farthest level since talks began, the publication indicated. 

All that said, this potential partnership can significantly aid both country’s clean energy transition. It will also solidify its supply chain for electric vehicle and battery production, which is expected to grow continuously in the coming years.

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TAGGED: Battery, Electric Vehicle, EV, Saudi Arabia, USA
EV-a2zm September 12, 2023 September 12, 2023
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