Integrated energy and chemicals company Aramco and Ma’aden, a multi-commoditymining and metals company, have signed non-binding heads of terms outlining the potential formation of a minerals exploration and mining joint venture (JV) in Saudi Arabia.

Saudi Aramco, the world’s largest oil company, is to expand its investments in lithium production in the race to build a supply chain for the metal vital for batteries to power electric cars. China controls about two-thirds of the market in lithium processing,

Saudi Arabia’s main oil and mining companies are forming a joint venture to produce lithium, a key metal for the energy transition, as the kingdom pursues a bigger role in mining.

Saudi Aramco has announced plans to team up with state-run compatriot Ma’aden, a multi-commodity mining and metals company, to commercialise the extraction of lithium from underground salty waters at its vast oilfields in the kingdom, initially for the country’s own use.

Aramco's lithium extraction venture, driven by the startup Lihytech, aims at developing commercially viable production methods by 2027 with collaborations with Saudi mining firms. The initiative reflects Saudi Arabia's efforts to diversify its economy,

The proposed venture will focus on energy transition minerals, which includes lithium extraction from high-concentration deposits and use of cost-effective direct lithium extracti

Saudi Aramco (ARMCO) plans to boost investments in lithium production, the Financial Times reported, citing three people close to the company, as the world's biggest oil company eyes developing its own supply chain for the metal that powers electric vehicle batteries.