Saudi Arabia’s Manara Minerals is exploring opportunities to invest in lithium production in Chile, according to Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayaf.
During his visit to the South American country, Alkhorayaf stated that Manara, a joint venture between state-owned miner Ma’aden and the Public Investment Fund (PIF), is “analyzing the different options.”
Saudi Arabia aims to secure access to lithium and other critical minerals to transform itself into a hub for battery and electric vehicle (EV) manufacturing, diversifying its oil-dependent economy. Chile, the world’s second-largest producer of lithium, is a focal point for these efforts.
Alkhorayaf expressed optimism about potential investments, noting the Chilean government’s strong commitment to facilitating such investments.
Although specific discussions are not yet underway, Chile’s state-run miner Codelco is actively seeking partners for a significant lithium project in the Maricunga salt flat, and the government has recently opened other lithium deposits to private investment.
Both Alkhorayaf and Manara CEO Pierre Chenard participated in meetings with Chile’s mining ministry and Codelco.
Future discussions were planned with Codelco chairperson Maximo Pacheco, as well as with other mining companies including SQM, Antofagasta, and CAP.
However, Pacheco is currently traveling with Chilean President Gabriel Boric in the United Arab Emirates to boost investment between the two countries.
Alkhorayaf emphasized Saudi Arabia’s urgent need to secure lithium supplies, including from Chile, to support its domestic EV battery production goals.
He described the Saudi leadership as “very ambitious” and committed to sourcing lithium “as soon as possible.”
In a meeting with Chilean Mining Minister Aurora Williams, the two officials discussed mineral supply chains, water supply issues, and lithium.
Alkhorayaf proposed establishing a collaborative group between the two governments to explore potential cooperation, according to a statement from Chile’s mining ministry.
