A UK envoy is expected to reach a critical minerals agreement with Saudi Arabia as envoys between the two nations meet in Riyadh at the desert nation’s 2025 Future Minerals Forum.
The forum is a meeting between 176 countries including 50 delegates to nut out trade partnerships - including for crucial strategic metal supply chains as we transition to cleaner energy sources and new tech applications.
The Saud Kingdom is investing heavily into its estimated US$2.5 trillion (A$4.04 trillion) worth of untapped mineral wealth - including copper, lithium and nickel used in EVs, batteries and other tech innovations - of which the UK has mandated it requires for its industries.
The UK government says the deal is part of a broader industrial strategy that will be key to both national security and its job and economy growth objectives as part of a broader growth vision.
The two countries have long had close trade ties, and together with the UAE, accounted for a sizeable 70% of total trade amongst its GCC partners back in 2020.
Trade negotiations
Heading up the junket with an entourage of 16 of its domestic resources companies, UK industry minister Sarah Jones says the new strategy will target a range of support for the industries of tomorrow, with a focus on shoring up critical minerals.
“We need critical minerals for everything and we’ll need a lot more if we want a thriving car sector, a world-leading tech ecosystem, and secure renewable energy,” Jones said at a December UK materials conference.
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 is expected to be signed at the forum in Riyadh, where the companies will be exhibiting and offering their expertise to potential customers.
“In the global race for economic growth, and in an increasingly uncertain world, the UK must secure supplies of these critical minerals,” Jones is due to say in a speech at the forum.
The meeting between the two governments also comes as negotiations between British and Gulf Cooperation Council (GCC) member states flesh out a groundbreaking free trade deal.
