The Kingdom is considering setting up a trading platform for battery metals and rare earths.
Saudi Arabia’s economy is based mainly on the country’s oil and gas wealth, and little is likely to change in the foreseeable future. However, the kingdom has been looking for new sources of income for the post-oil era for some time now. Last year, Saudi Minister Bandar bin Ibrahim Al-Khorayef, who is responsible for the country’s oil and gas industry, called for investment in the mining sector in Australia (we reported). This is because the mineral deposits, including deposits of rare earths, have hardly been developed, and Australian companies have the necessary know-how. However, the plans to diversify the domestic economy go even further, as the news agency Reuters reports that the country is looking into setting up a trading platform for critical materials such as graphite or rare earth. Currently, no exchanges offer contracts for these resources, in contrast to lithium, which can be traded on both the London Metal Exchange and the Chicago Mercantile Exchange, according to Reuters. A decision on the platform’s development is not expected to be announced for another six months.
Photo: iStock/MOHAMED HUSSAIN YOUNIS
