https://arab.news/mt654
- Agreement will focus on critical minerals, diversifying supply chains and helping transition to clean energy
RIYADH: Bandar Alkhorayef, Saudi Arabia’s minister of industry and mineral resources, signed a letter of intent with Kemi Badenoch, the UK secretary of state for business and trade, to enhance cooperation in the field of critical minerals.
Critical minerals, such as copper, lithium, nickel, cobalt and rare earth elements, are essential components in many rapidly growing clean energy technologies.
The two sides seek to commit to the joint development of supply chains of minerals essential to the worldwide transition to zero carbon neutrality, Saudi Press Agency reported.
Alkhorayef said that this step comes within the framework of boosting bilateral relations between Saudi Arabia and the UK in the industrial and mining sectors, and contributes to supporting global efforts to realize a green future.
The Saudi minister said that the two countries want to ensure the availability of minerals required for the transition to sustainable energy.
The letter of intent will enable both countries to diversify supply chains for critical minerals used in a variety of metal-intensive industries, such as vehicle manufacture, electricity, aviation, defense and renewable energy.
It will also enable them to coordinate through international forums, collaborate with the private sector on mineral supply chains, and explore joint investment opportunities, as well as facilitate knowledge exchange on projects related to critical minerals.