Saudi Arabia is rapidly advancing its efforts to produce lithium, aiming to become the world’s leading producer of the mineral, which plays a critical role in battery and clean energy technology.
Lithium, or ‘white gold’, will support the Kingdom’s economic diversification through localising electric vehicle (EV) manufacturing and renewable energy technologies under Saudi Vision 2030. The mineral is a primary driver for achieving the country’s target of producing 300,000 EVs annually by 2030.
Minister of Industry and Mineral Resources, Bandar Alkhorayef, concluded his official visit to the United States, which focused on developing strategic partnerships for the transfer of advanced technologies in mineral extraction and processing. He met with several leading lithium producers and technology innovators to discuss mutual opportunities in critical minerals essential for the energy transition, EV and battery production.
The minister met Lilac Solutions on advanced lithium extraction technologies, as well as Albemarle Corporation, with whom he discussed developing lithium hydroxide conversion processes for battery production, as well as transferring the latest advancements in extraction technologies.
Driven by the rapid growth of the EV industry and energy storage solutions, global demand for lithium-ion batteries is expected to increase by five times by 2030, reaching a production capacity of 5,500 gigawatt-hours.
In 2024, Saudi Arabia reached a milestone by extracting lithium from oilfield brine runoff, a new and sustainable source. Research at King Abdullah University of Science and Technology has also uncovered innovative methods for extracting lithium from seawater.
Saudi has focused on mining recently and intends to transform the sector into a key pillar of economic diversification. The country aims to increase mining’s contribution to GDP to US$64 billion by 2030. Saudi’s mineral wealth is estimated at US$2.5 trillion.
Minister Alkhorayef visited Albemarle Corporation’s Kings Mountain lithium mine in North Carolina and met Kent Masters, Chairman and Chief Executive Officer, to discuss technology transfer, as well as joint investment opportunities.
The Kings Mountain facility represents a cornerstone of North America’s critical minerals strategy, with planned production capacity sufficient to power over 1.2 million EVs annually by 2030.
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