UK and Saudi Arabia to co-operate on critical minerals
The UK's Business Secretary and Saudi Arabia’s Minister of Industry and Mineral Resources made the agreement while in Riyadh for the Future Minerals Forum.
The UK’s Business Secretary and Saudi Arabia’s Minister of Industry and Mineral Resources made the agreement while in Riyadh for the Future Minerals Forum.
The pact will be formalised in the coming months but it is believed that the partnership will see the countries work together through both Saudi investment in the UK manufacturing and mining finance sectors as well as UK mining companies doing business in KSA.
The agreement hopes to increase resilience of critical mineral supply chain and is part of the UK’s plan to work with international partners to support the global economy in the coming decades. The UK is already working with international partners through groups like the Minerals Security Partnership, and the International Energy Agency’s Critical Mineral Working Group, to responsibly develop global supply chains.
Certain critical materials like graphite and lithium are used in the production of a range of products including laptops and aircrafts. The pledge affirms the objectives set out in the Critical Minerals Strategy, published in July 2022.