Saudi Gazette reportRIYADH —

The agreement, outlined in non-binding Heads of Terms, focuses on exploring and mining energy transition minerals in Saudi Arabia.

The JV will prioritize lithium extraction from high-concentration deposits and the development of direct lithium extraction (DLE) technologies.

This initiative aligns with Saudi Arabia's Vision 2030 by leveraging the Kingdom’s abundant mineral resources to meet growing global demand for lithium and other critical energy transition minerals.

Nasir K. Al-Naimi, Aramco’s Upstream President, highlighted the significance of this endeavor:

“This partnership reflects our focus on contributing to the global energy transition. By combining Aramco’s technological innovation with Ma’aden’s mining expertise, we aim to accelerate sustainable energy solutions and support Saudi Arabia’s diversification goals.”

Aramco has identified areas within the Kingdom with lithium concentrations reaching 400 parts per million. These discoveries represent a significant opportunity to bolster domestic and global lithium supplies.

The JV will utilize Aramco’s geological expertise and infrastructure, coupled with Ma’aden’s mining capabilities, to unlock the potential of the Arabian Shield.

Darryl Clark, Ma’aden’s Senior Vice President of Exploration, stated: “This JV will enable us to accelerate exploration across the Arabian Platform, combining our expertise with Aramco’s vast knowledge and resources.”

Lithium is vital for electric vehicles, renewable energy, and energy storage solutions. Global lithium demand has tripled in the past five years and is projected to grow at over 15% annually through 2035.

In Saudi Arabia, lithium demand is expected to increase twenty-fold between 2024 and 2030, supporting the production of 500,000 EV batteries and 110 GW of renewable energy capacity.