Posted on 15 Jan 2025
The UK is set to sign a “crucial” minerals partnership this week with Saudi Arabia to develop secure and resilient critical minerals supply chains, the UK government said Tuesday.
Industry minister Sarah Jones will sign the agreement during the Future Minerals Forum in Riyadh. The minister will lead a trade mission to Saudi Arabia with 16 UK critical minerals companies, including Cornish Lithium, Cornish Metals, and Beowulf Mining, Kallanish Power Materials learns.
“In the global race for economic growth, and in an increasingly uncertain world, the UK must secure supplies of these critical minerals,” Jones is expected to say. “That’s why this government is developing a critical minerals strategy. And it’s why we are forging new partnerships with our allies like Saudi Arabia to secure our minerals supply chains for the long term.”
The UK-Saudi minerals cooperation partnership is expected to attract Saudi investment to the UK, creating new opportunities for British firms to export their industry expertise to Saudi Arabia.
The agreement comes as the UK government gears up to launch its new critical minerals strategy this year. The strategy will focus on enhancing international collaboration with key partners, strengthening UK supply chains and national security, and supporting economic growth, the government adds.
Countries around the globe are moving to secure supplies of critical minerals such as lithium, copper, nickel, and graphite, which are needed for the energy transition. The UK has previously inked critical minerals partnerships with countries including Canada, India, and Australia.
Saudi Arabia is moving fast to become a critical mineral supplier, investing at home and abroad in the mining and processing of minerals. Its ambitions also span into the EV manufacturing space.
Meanwhile, the UK and Gulf Cooperation Council (GCC) are continuing negotiations this week about a free trade agreement. A new trade deal, the UK government says, could increase bilateral trade with the Gulf, including Saudi Arabia, by 16%.
Source:Kallanish Power Materials
