LONDON (Reuters) – Britain will sign a minerals cooperation partnership with Saudi Arabia that could help strengthen supply chains, create opportunities for British businesses and attract investment into the UK, the British government said on Tuesday.
WHY IT’S IMPORTANT
Britain needs a secure, long-term supply of critical minerals, such as copper, lithium and nickel, which are used to make smartphones and electric cars, but are also vital to build data centres that help develop artificial intelligence systems.
On its part, Saudi Arabia, which estimates the value of its untapped mineral resources at $2.5 trillion, is aiming to become a major global hub for critical minerals trade.
CONTEXT
For Britain, the deal will form part of a broader industrial strategy that it says will be key to both national security and its objective to boost economic growth and create jobs.
The partnership also comes as British and Gulf Cooperation Council (GCC) negotiators continue talks this week about a free trade agreement.
DETAILS
British Industry Minister Sarah Jones will lead a trade mission to Saudi Arabia along with 16 UK critical minerals companies including Cornish Lithium and Beowulf Mining interested in doing business in the Middle East.
The new partnership will be signed at the Future Minerals Forum in Riyadh, where the companies will be exhibiting and offering their expertise to potential customers.
KEY QUOTES
“Critical minerals are increasingly vital to our economy, as we turbocharge AI, clean energy and new technologies,” Jones is due to say in a speech at the forum.
“In the global race for economic growth, and in an increasingly uncertain world, the UK must secure supplies of these critical minerals.”
(Reporting by Sachin Ravikumar; Editing by Tomasz Janowski)
