Britain is set to enter a minerals cooperation agreement with Saudi Arabia, aiming to enhance supply chains and attract investments to the UK. This partnership is expected to create new opportunities for British businesses.
Importance of the Agreement
The UK needs a stable supply of critical minerals like copper, lithium, and nickel. These materials are essential for manufacturing smartphones, electric vehicles, and data centers that support AI development.
Saudi Arabia, with an estimated $2.5 trillion in untapped mineral reserves, seeks to establish itself as a key player in the global minerals trade.
Strategic Context
This deal is part of the UK’s wider industrial strategy focused on national security, economic growth, and job creation. Concurrently, the UK and the Gulf Cooperation Council are negotiating a free trade agreement.
Details of the Partnership
British Industry Minister Sarah Jones will lead a trade mission to Saudi Arabia, accompanied by 16 UK companies specializing in critical minerals, such as Cornish Lithium and Beowulf Mining. The partnership will be formalized at the Future Minerals Forum in Riyadh, where these companies will showcase their expertise.
Key Statements
“Critical minerals are increasingly vital to our economy, as we turbocharge AI, clean energy, and new technologies,” Jones will state 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.”