US, Saudi Arabia are in dialogue to secure metals in Africa: Report
A truck exits the mine after collecting ore from below the surface at the Chibuluma copper mine in Zambia
The United States and Saudi Arabia are negotiatingto obtain metals in Africa that are required to support the two nations as they make the transition to alternative energy sources, a source-based report inThe Wall Street Journal noted.
As per the report, a state-backed Saudi enterprise would purchase stakes in $15 billion worth of mining assets in African nations like the Democratic Republic of the Congo, Guinea, and Namibia, granting U.S. businesses the opportunity to purchase some of the production.
For supply of cobalt, lithium, and other metals used in electric car batteries, laptops, and cellphones, the U.S. is racing with China.
Saudi Arabian Mining Co (Ma'aden) and the Saudi Public Investment Fund (PIF) acquired 10 per cent of Brazilian Vale’s base metal unit in a similar deal in July, while American investment group Engine No. 1 acquired 3 per cent.
The newspaper reported that the PIF contacted Congo in June about investing$3 billion, through its joint venture with Ma’aden, into the country's cobalt, copper, and tantalum industries.
Manara -- the joint venture between the PIF andMa'aden --is also concentrating on nickel, lithium, and iron ore.
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The White House is looking for financial support from other sovereign wealth funds in the area, but according to the Journal, negotiations with Saudi Arabia have advanced the most.
(With inputs from Reuters)
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