Chile’s Codelco and Saudi Arabia are engaged in early-stage discussions about potential joint investments in the copper sector, the state-owned miner’s chairman Maximo Pacheco told Reuters on Friday.
The collaboration could also extend to lithium, as Saudi Arabia seeks to import the battery metal from Chile for domestic processing. Pacheco was speaking at the kingdom’s annual Future Minerals Forum.
Discussions between Codelco and Saudi Arabia have also touched on technology transfers, with a particular focus on Saudi Arabia’s expertise in desalination, according to Pacheco. The parties also explored including artificial intelligence in mining operations.
Chile, the world’s second-largest producer of lithium after Australia and home to the largest known deposits of the coveted battery metal, opened more than 20 lithium salt flats to private investors last year.
Saudi Arabia has set an ambitious goal of becoming a global hub for battery and electric vehicle manufacturing. As part of its broader strategy to diversify the economy away from oil and gas, the kingdom is deploying significant capital to develop its mining and industrial sectors.
Are Chile’s aging copper resources worth the investment?