JACKPOT for Saudi Arabia, discovers treasure worth Rs 206825000000000 of…, Crown Prince now aims to…

Aramco and Saudi lithium startup LihaTech announced their successful extraction of lithium from oil fields in December.

New Delhi: One of the richest countries in the world, Saudi Arabia, generates millions of dollars through oil exports. Now, the country has uncovered another avenue for substantial revenue. According to the reports, Saudi Arabia will now mine lithium, often referred to as the ‘new oil’. The officials of the Kingdom have informed that a deal has been cracked between the world’s largest oil company, Aramco, and the mining company Ma’aden. Reports further state that the Saudi companies have stated that lithium, essential for EV batteries, will be extracted from mines starting in 2027. They expressed hope that lithium production can be increased to meet the growing demand in Saudi Arabia and around the world.

Saudi Arabia’s Vision 2030

Under the Vision 2030 plan, Saudi Arabia has shifted its focus to lithium. Saudi Arabia, whose economy is heavily dependent on oil, wants to cut dependency on the same by 2030. This includes increasing mineral production and promoting other industries. Notably, Saudi Arabia possesses USD 2.5 trillion worth of untapped mineral resources. The kingdom plans to increase its mining revenue from USD 17 billion to USD 64 billion by the year 2030.

Saudi Arabia also has reserves of gold, bauxite, cobalt, and nickel, apart from oil and lithium. It is important to note that prices of these minerals are also soaring in the global market. In Saudi Arabia, the demand for lithium is also expected to increase 20-fold by the year 2030.

Saudi Arabia Extracts Lithium for the First Time

Aramco and Saudi lithium startup LihaTech announced their successful extraction of lithium from oil fields in December. Moreover, Saudi Arabia is now planning to acquire a stake in a gold mine in Pakistan. Saudi Arabia plans to extract copper from Pakistani mines to meet its domestic demand. Currently, Saudi Arabia requires 365,000 tons of copper annually.