Friday, January 17, 2025
Saudi Arabia uncovers 2.5 Trillion Dollars treasure
The oil-producing kingdom of Saudi Arabia is planning to extract lithium, the so-called "new oil," adding to its already huge assets. Related: Saudi Arabia discovers white gold reserves
The kingdom has announced a partnership between Aramco, the biggest oil firm in the world, and Ma'aden, a mining corporation. Companies in Saudi Arabia have reportedly announced plans to begin mining lithium, a key component of electric vehicle batteries, in 2027.
The rising demand for lithium, both in Saudi Arabia and globally, has them expecting that production can be increased up.
Saudi Vision 2030 :
The Vision 2030 strategy has moved Saudi Arabia's attention now to lithium. Lowering Saudi Arabia's reliance on oil is a goal of the Saudi government's 2030 plan. Boosting mineral output and other sectors are part of this strategy.
Remember that Saudi Arabia has 2.5 trillion USD in mineral reserves that have never been extracted. By 2030, the kingdom hopes to have increased its mining earnings from $17 billion to $64 billion. Recommend: KSA tightens Tobacco sales rules
Apart from lithium, what else does Saudi Arabia have?
Besides lithium and oil, Saudi Arabia also contains deposits of the precious metals bauxite, nickel, cobalt, and gold, the prices of which are skyrocketing around the world. It is projected that by 2030, the demand for lithium in Saudi Arabia will have increased twenty percent.
For the First Time Ever, Saudi Arabia is Extracting Lithium :
The successful extraction of lithium from oil fields was revealed in December by Aramco and Saudi lithium startup LihaTech.
Additionally, a Saudi Arabian investment in a Pakistani gold mine is currently in the works. See Also: Vaccinations for Umrah pilgrims must
Saudi Arabia intends to satisfy its domestic need for copper by extracting it from mines in Pakistan. Presently, yearly copper consumption in Saudi Arabia amounts to 365,000 tons.
Is oil no longer Saudi Arabia's main focus?
With the world's dependence on oil decreasing the kingdom is looking to diversify its economic streams. On the banks of the Red Sea, Saudi Arabia is likewise constructing a facility to manufacture electric vehicles. Join Saudi Expatriates channel on Facebook Messenger
Saudi Arabia uncovers 2.5 Trillion Dollars treasure
