According to the Saudi Press Agency (SPA), the Cabinet chaired by Crown Prince Mohammed bin Salman has authorized the Minister of Industry and Mineral Resources to negotiate a draft memorandum of cooperation (MoC) with U.S. officials. The agreement, expected to be signed with the U.S. Department of Energy, will focus on collaboration in mining and mineral resources, the Cabinet statement noted. The move comes as Saudi Arabia accelerates its strategy to become a global hub for battery and electric vehicle (EV) manufacturing. As a key pillar of Vision 2030—the Kingdom's blueprint to diversify its oil-dependent economy—the country is making substantial investments in mining and industrial development. The industry minister previously revealed plans to produce batteries using a combination of imported raw materials and locally sourced metals.