Saudi Arabia Sees Lithium Investment Options in Chile

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayaf speaks during an interview with Reuters, in Santiago, Chile, July 29, 2024. REUTERS/Pablo Sanhueza Purchase Licensing Rights
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayaf speaks during an interview with Reuters, in Santiago, Chile, July 29, 2024. REUTERS/Pablo Sanhueza Purchase Licensing Rights
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Saudi Arabia Sees Lithium Investment Options in Chile

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayaf speaks during an interview with Reuters, in Santiago, Chile, July 29, 2024. REUTERS/Pablo Sanhueza Purchase Licensing Rights
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayaf speaks during an interview with Reuters, in Santiago, Chile, July 29, 2024. REUTERS/Pablo Sanhueza Purchase Licensing Rights

Saudi Arabia's Manara Minerals is looking at opportunities to invest in lithium production in Chile, mining minister Bandar Alkhorayaf said on Monday during a visit to the South American country.

Manara, a joint venture between state-owned miner Ma'aden and the Public Investment Fund (PIF), is "analyzing the different options," Alkhorayaf said in an interview, Reuters reported.

Alkhorayaf, the Saudi Minister of Industry and Mineral Resources, said Manara had interest in Chile, the world's second-largest producer of the battery metal.

"I think we can see something happening with Manara on the Chilean assets here. It makes a lot of sense," he said, adding that he saw "great commitment" from the Chilean government to help secure investment.

He noted that he was not aware of specific discussions underway. Chile's state-run miner Codelco is currently seeking a partner for a major lithium project in the Maricunga salt flat, and the government recently opened a number of other lithium deposits to private investment.

Alkhorayaf as well as Manara CEO Pierre Chenard participated in meetings on Monday with Chile's mining ministry in which Codelco participated.

Alkhorayaf added that Saudi Arabia is interested in quickly securing supply of lithium, including from Chile, as it aims to produce EV batteries domestically.

"We have a leadership that's very ambitious," he said. "We are serious to source it now ... as soon as possible."

In a meeting with his Chilean counterpart Aurora Williams, the two discussed the minerals supply chain, water supply issues and lithium, according to Chile's mining ministry. Alkhorayaf also proposed setting up a group between both governments to explore possible collaboration, the ministry said in a statement.



UK Economy Ekes Out Modest Growth in Final Quarter of 2024

Britain's Chancellor of the Exchequer Rachel Reeves speaks about her plans for Britain's economy in Eynsham, England, Wednesday Jan. 29, 2025. (Peter Cziborra/Pool Photo via AP)
Britain's Chancellor of the Exchequer Rachel Reeves speaks about her plans for Britain's economy in Eynsham, England, Wednesday Jan. 29, 2025. (Peter Cziborra/Pool Photo via AP)
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UK Economy Ekes Out Modest Growth in Final Quarter of 2024

Britain's Chancellor of the Exchequer Rachel Reeves speaks about her plans for Britain's economy in Eynsham, England, Wednesday Jan. 29, 2025. (Peter Cziborra/Pool Photo via AP)
Britain's Chancellor of the Exchequer Rachel Reeves speaks about her plans for Britain's economy in Eynsham, England, Wednesday Jan. 29, 2025. (Peter Cziborra/Pool Photo via AP)

The British economy managed to eke out a quarterly growth of 0.1% in the final quarter of 2024 following a stronger than anticipated performance in December.
The Office for National Statistics said Thursday that the 0.4% expansion in December was a result of a broad-based expansion, with pubs doing particularly well in the run-up to Christmas.
The fourth quarter figures means the economy grew by 0.9% overall in 2024, The Associated Press reported.
The quarterly increase followed no growth in the previous three months and may ease some of the pressure on Treasury chief Rachel Reeves, who critics say has been partly responsible for the economic slowdown since Labour returned to power in July.
Last week, the Bank of England halved its growth forecast for the British economy for 2025 to 0.75% as it cut its main interest rate to 4.5%.
If that turns out to be remotely accurate, it will be hugely disappointing news for the UK’s new Labour government, which has made growth its top mission. The party has pledged to boost living standards and generate funds for cash-starved public services. With growth proving elusive, the party’s popularity has fallen sharply since its election victory in July.
In recent weeks, Reeves has set out plans to boost longer-term growth, such as backing a third runway at London's Heathrow Airport. She has also pledged to create a Silicon Valley-like technology hub between the two university towns of Oxford and Cambridge, backed the regeneration of the area around Manchester United’s Old Trafford soccer stadium, as well as a “reset” of the UK’s post-Brexit economic relations with the European Union.
Reeves said the government will go “further and faster” to bolster growth in the months and years ahead.
“That is why we are taking on the blockers to get Britain building again, investing in our roads, rail and energy infrastructure, and removing the barriers that get in the way of businesses who want to expand," she said.