Saudi Arabia’s Manara Minerals is exploring investment opportunities in lithium production in Chile, the world’s second-largest producer of the critical battery metal, Saudi Mining Minister Bandar Alkhorayaf revealed on Monday during a visit to the South American country.
Manara, a joint venture between Saudi Arabia’s state-owned miner Ma’aden and the Public Investment Fund (PIF), is currently evaluating various options for investing in Chile’s lithium sector, Alkhorayaf said in an interview with Reuters.
The Saudi Minister of Industry and Mineral Resources noted that Manara’s interest aligns well with Chile’s significant lithium assets. “There is potential for Manara to engage with Chilean assets in this sector,” he remarked, expressing confidence in the Chilean government’s commitment to facilitating such investments.
While specific discussions or agreements are not yet finalized, Chile’s state-run miner Codelco is actively seeking a partner for a major lithium project in the Maricunga salt flat. Additionally, the Chilean government has recently opened several other lithium deposits to private investment.
During his visit, Alkhorayaf and Manara CEO Pierre Chenard held meetings with Chile’s mining ministry, where Codelco was also present. The discussions focused on various aspects of the minerals supply chain, water supply issues, and opportunities for lithium collaboration.
Alkhorayaf emphasized Saudi Arabia’s urgency in securing lithium supplies to support its domestic electric vehicle battery production. “Our leadership is very ambitious, and we are committed to sourcing lithium as soon as possible,” he stated.
In a meeting with Chilean Mining Minister Aurora Williams, the two leaders discussed the potential for a collaborative group between the two governments to explore investment and partnership opportunities further.
