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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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    American newspaper: A Saudi-American partnership worth billions of dollars may end tense relations

    Rocky
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    American newspaper: A Saudi-American partnership worth billions of dollars may end tense relations Empty American newspaper: A Saudi-American partnership worth billions of dollars may end tense relations

    Post by Rocky Mon 11 Sep 2023, 6:45 am

    American newspaper: A Saudi-American partnership worth billions of dollars may end tense relations

    American newspaper: A Saudi-American partnership worth billions of dollars may end tense relations 35718



    Arab and international
       


    Economy News - Baghdad
    The United States and Saudi Arabia are in intense talks to secure minerals in Africa needed for both countries' energy transitions, as the White House tries to curb China's dominance of the electric vehicle supply chain and the kingdom looks to buy $15 billion in global mining stakes, according to the Wall Street Journal. .
    If the US-Saudi partnership is completed, it will represent a positive step for two countries whose relations have been strained since President Biden took office. Since the start of the war in Ukraine, tensions have increased after OPEC+, led by the Kingdom of Saudi Arabia and Moscow, decided to achieve balance in the oil markets by reducing production, which led to raising prices, which later angered Washington, according to the American newspaper.
     
    Saudi-American cooperation
    The American newspaper report said that, under the ideas being discussed with the Biden administration, a state-backed Saudi project would buy shares in mining assets in African countries such as the Democratic Republic of the Congo, Guinea and Namibia. The newspaper added that American companies will then have the rights to purchase some production from those Saudi-owned quotas, although the details are still being hashed out.
    U.S. automakers have long sought better access to critical minerals for lithium-ion batteries and have increasingly entered into the mining business.
    The United States is trying to catch up with China in supplies of cobalt, lithium and other minerals used in batteries for electric cars, laptops and smartphones.
    In a similar arrangement in July, the Saudi Arabian Mining Company (TADAWUL:1211) (Ma’aden) and the Saudi Public Investment Fund acquired 10% of the base metals unit of the Brazilian company Vale, while the American investment company Engen 1 acquired 3%.
    The newspaper said that the Public Investment Fund contacted Congo in June to invest in cobalt, copper and tantalum in the country through a $3 billion joint venture with a metals company called Manara Metals Investment (Beacon). Which also focuses on iron ore, nickel and lithium.
     
    Saudi support
    The newspaper added that the White House is seeking financial support from other sovereign wealth funds in the region, but talks with Saudi Arabia have made greater progress.
    Bandar Al-Khorayef, Saudi Minister of Industry and Mineral Resources, said that the Kingdom seeks to help address the shortage of some metals used in the manufacture of electric vehicles and renewable energy.
    The Kingdom's talks with the United States come as governments and companies increase efforts to secure greater supplies of battery metals. Beijing has imposed export restrictions on two minerals that the United States says are essential for semiconductor production, highlighting the risks of relying on Chinese supplies.
    Saudi Arabia is also interested in securing stakes rather than outright buying and then operating assets, making the kingdom a more lucrative investor for African countries that have in recent years sought to carve out a bigger slice of mining company revenues for themselves.
    The Saudi Public Investment Fund owns the largest share of the shares of Lucid Motors, which produces electric cars, amounting to approximately 67 percent, especially since it invested in the company early, increasing the size of its stake in it in 2018, after pumping an additional billion dollars to obtain... Majority share. This may explain the Kingdom's interest in the minerals used in this industry.


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    Added 09/11/2023 - 11:07 AM
    https://economy-news.net/content.php?id=36250
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