Saudi Arabia to Sign Mining Cooperation Pact with U.S. Amid Global Mining Expansion Efforts

[Saudi Arabia to Sign Mining Pact with U.S. Amid Global Expansion Push]

Saudi Arabia will sign a mining cooperation agreement with the U.S., according to the state news agency. The cabinet, led by Crown Prince Mohammed bin Salman, has authorized the Minister of Industry and Mineral Resources to negotiate and sign a memorandum of understanding with the U.S. Department of Energy.

The agreement will focus on mining and mineral resource collaboration, supporting Saudi Arabia’s Vision 2030 strategy to diversify its economy and build a global electric vehicle and battery hub.

The Kingdom is rapidly expanding its global mining footprint. In January, Saudi officials began early talks with Chile’s Codelco on potential copper investments and lithium imports for domestic processing. In 2023, the Public Investment Fund (PIF) and Ma’aden created Manara Minerals, which acquired a 10% stake in Vale’s $26 billion base metals unit focused on copper and nickel.

Saudi Arabia currently imports most of its 365,000-ton annual copper demand, a figure expected to more than double by 2035. The country has also identified extensive domestic deposits of key minerals through two decades of exploration.