UK, Saudis to deepen critical mineral cooperation

The UK and Saudi Arabia announced that they have decided to deepen their cooperation in order to ensure resource diversity and value new investment opportunities due to the volatility and supply chain risks in the critical mineral market.

The UK and Saudi Arabia decided to deepen their cooperation in order to diversify resources in critical minerals and to value new investment opportunities.

In the statement made by the British government, it was noted that the decision to increase the cooperation between the two countries in critical minerals was taken at the Future Minerals Forum, attended by the British Minister of Business, Power and Industrial Strategy, Grant Shapps, in Riyadh.

It was stated in the statement that Saudi Arabia will invest in the UK’s president production and mining branches with the cooperation, and that British mining companies will also be able to evaluate new opportunities in Saudi Arabia.

Pointing out that critical minerals such as graphite and lithium have critical importance for the economy, the following words were used in the statement:

“Global markets are highly volatile and supply chains are also at risk. under . This makes UK professions and branches vulnerable to market shocks and geopolitical events. Such agreements will make the UK’s supply chains more resilient, while contributing to the supply needed by green industries. Saudi Arabia is one of the countries with the largest critical mineral potential at a cost of $1.3 trillion in global markets.

In the statement, the following views of Shapps, Minister of Business, Power and Industrial Strategy, regarding the decision to increase cooperation between the two countries at the Future Minerals Forum were included:

“Critical minerals are used in many areas, from phones to cars that enable us to do our daily lives and work. Therefore, it is critical that the supply of these precious resources be guaranteed. (Russian State Leader Vladimir) The effect of the war started by Putin in Ukraine on power prices has given us international supply. “It showed how valuable their chains are to our economy and why we shouldn’t be dependent on one country. That’s why working with partners like Saudi Arabia is key to diversifying supply chains and supporting jobs.”