Saudi Arabia, UK ink collaboration deal on critical minerals

Saudi Arabia, UK ink collaboration deal on critical minerals

Saudi Arabia has signed an agreement with the United Kingdom to jointly develop resilient and responsible critical minerals supply chains in support of global energy transition. These critical minerals are vital in in production of electric vehicles, wind turbines and solar panels.

This partnership, which is mainly aimed at increasing the global supply of critical minerals, will also prioritise the sustainable and responsible production of critical minerals.

"Saudi Arabia and UK share a common vision of ensuring the availability of minerals necessary for the energy transition, while upholding high sustainability standards. Our collaborative approach emphasizes international collaboration," remarked Saudi Minister of Industry and Mineral Resources Bandar Al Khorayef, after signing the pact with UK's Secretary of State for Business and Trade, Kemi Badenoch.

The minister pointed out that the shift towards a low-carbon economy necessitates an unprecedented supply of minerals.

"For instance, lithium supply will need to increase by approximately 700%, nickel production by around 100%, and copper production by roughly 50% between 2020-30 compared to 2010-2020 within a 1.5°C-degree pathway," he stated.

Al Khorayef explained that this step was part of increasing cooperation in bilateral relations between the two countries in the industrial and mining sectors and contributes to supporting joint global efforts to