JACKPOT for Saudi Arabia, discovers massive treasure worth USD 2.5 Trillion of…., Crown Prince to

Saudi Arabia has shifted its focus to lithium under the Vision 2030 plan. The Saudi Government aims to reduce the country’s dependency on oil by 2030. Saudi Arabia, a country that earns billions of dollars by supplying oil, is now all set to mine lithium, often referred to as the ‘new oil’. The kingdom has announced a deal between the world’s largest oil company, Aramco and the mining company Ma’aden. According to the reports, Saudi companies have stated that lithium, essential for EV batteries, will be extracted from mines starting in 2027. They expressed hope that lithium production can be increased to meet the growing demand in Saudi Arabia and around the world.

Vision 2030:

This includes increasing mineral production and promoting other industries. It is important to note that Saudi Arabia possesses USD 2.5 trillion worth of untapped mineral resources. The kingdom plans to increase its mining revenue from USD 17 billion to USD 64 billion by the year 2030.

What else does Saudi Arabia have besides lithium?

Not only oil and lithium, Saudi Arabia also has reserves of gold, bauxite, cobalt and nickel, whose prices are soaring globally. In Saudi Arabia, the demand for lithium is also expected to increase 20-fold by the year 2030.

Saudi Arabia Extracts Lithium for the First Time:

In December, Aramco and Saudi lithium startup, LihaTech announced their successful extraction of lithium from oil fields. Moreover, Saudi Arabia is now planning to acquire a stake in a gold mine in Pakistan. Saudi Arabia plans to extract copper from Pakistani mines to meet its domestic demand. Currently, Saudi Arabia requires 3,65,000 tons of copper annually.

Source : https://www.india.com/news/world/saudi-arabia-jackpot-discovers-lithium-oil-gold-bauxite-cobalt-and-nickel-worth-usd-2-5-trillion-pm-mohammed-bin-salman-al-saud-7543753/