UK to sign critical minerals partnership with Saudi Arabia

Beowulf Mining

14/01/2025 24:01

LONDON, Jan 14 (Reuters) - Britain will sign a minerals
cooperation partnership with Saudi Arabia that could help
strengthen supply chains, create opportunities for British
businesses and attract investment into the UK, the British
government said on Tuesday.
    
    WHY IT'S IMPORTANT
    Britain needs a secure, long-term supply of critical
minerals, such as copper, lithium and nickel, which are used to
make smartphones and electric cars, but are also vital to build
data centres that help develop artificial intelligence systems.
    On its part, Saudi Arabia, which estimates the value of its
untapped mineral resources at $2.5 trillion, is aiming to become
a major global hub for critical minerals trade.
    
    CONTEXT
    For Britain, the deal will form part of a broader industrial
strategy that it says will be key to both national security and
its objective to boost economic growth and create jobs.
    The partnership also comes as British and Gulf Cooperation
Council (GCC) negotiators continue talks this week about a free
trade agreement.
    
    DETAILS
    British Industry Minister Sarah Jones will lead a trade
mission to Saudi Arabia along with 16 UK critical minerals
companies including Cornish Lithium and Beowulf Mining  BEM.L 
interested in doing business in the Middle East.
    The new partnership will be signed at the Future Minerals
Forum in Riyadh, where the companies will be exhibiting and
offering their expertise to potential customers.
    
    KEY QUOTES
    "Critical minerals are increasingly vital to our economy, as
we turbocharge AI, clean energy and new technologies," Jones is
due to say in a speech at the forum.
    "In the global race for economic growth, and in an
increasingly uncertain world, the UK must secure supplies of
these critical minerals."

 (Reporting by Sachin Ravikumar
Editing by Tomasz Janowski)
 ((saisachin.r@tr.com; Twitter: @sachinr27;))