Saudi Arabia to sign minerals cooperation agreement with UK

Saudi Arabia is set to sign a minerals cooperation partnership with the United Kingdom (U.K.), aimed at strengthening supply chains and creating business opportunities, the British government announced Tuesday.

Saudi Arabia, which values its untapped mineral resources at an estimated $2.5 trillion, seeks to establish itself as a global hub for critical minerals trade.

For Britain, the deal represents a component of its broader industrial strategy, which focuses on national security, boosting economic growth, and job creation.

The agreement is part of Britain’s effort to secure a long-term supply of critical minerals, including copper, lithium, and nickel. These materials are essential for manufacturing smartphones, electric vehicles, and data centers critical to artificial intelligence development.

The partnership will be formalized at the Future Minerals Forum in Riyadh, where 16 critical minerals U.K. companies, including Cornish Lithium and Beowulf Mining, will participate.

British Minister of State for Industry and Recarbonisation Sarah Jones will lead the trade mission, with the companies showcasing their expertise to potential clients in the Middle East.

The announcement comes as and Gulf Cooperation Council and British negotiators continue discussions this week on a potential free trade agreement.