Investing.com -- Saudi Arabia is currently exploring the potential for lithium production, a key component in electric vehicle batteries, as part of its broader economic shift away from oil. The Middle Eastern nation is conducting two projects to assess lithium production methods, according to Khalid Al-Mudaifer, the vice-minister for mining. He also mentioned the country's plans for additional initiatives in this area.
In a separate development, state energy company Saudi Aramco (TADAWUL:2222) is undertaking a collaborative project to extract lithium from brine sourced from oil fields. The company, in association with the King Abdullah University of Science and Technology, is evaluating the presence, concentration, and extraction prospects of lithium.
Al-Mudaifer stated in an interview that the country aims to produce enough lithium to manufacture a million batteries annually. The lithium produced will cater to both domestic and export markets.
Alongside the lithium projects, the state-owned mining investment firm Manara Minerals Investment Co. is looking to develop nickel processing in Saudi Arabia. The country is also considering the production of graphite. Both nickel and graphite, which can be synthesized during the oil-refining process, are also used in battery technologies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.