12 Jan 2023; MEMO: Britain and Saudi Arabia have reached an agreement to strengthen cooperation on diversifying sources of critical minerals, including graphite and lithium, the British government said in a statement.
This came during the British Business Secretary, Grant Shapps's visit to the Saudi capital, Riyadh, during which he attended the Future Metals forum.
According to the statement, the partnership paves the way for the UK and Saudi Arabia to work together on diversifying sources of critical minerals, both through Saudi investment in the UK's world leading manufacturing and mining finance sectors, as well as new opportunities for UK mining firms to do business in Saudi Arabia.
The British government said it was also important "in ensuring the UK's critical mineral supply chains are not overly reliant on any one country, with supplies currently dominated by China".
Critical minerals, such as graphite and lithium, are vital to the economy and used in products ranging from laptops to aircraft.
A few years ago, Saudi Arabia turned to exploiting its mineral and rock resources, especially gold and copper, pumping over $50 billion in investments into the sector.
On 26 September, the Saudi Minister of Industry and Mineral Resources said the Kingdom is seeking to unlock mineral wealth estimated at $1.3 trillion.
Saudi Arabia's Vision 2030 aims to turn the mining sector into the third largest national sector, after oil and petrochemical sectors.
