Saudi Mining Plan Gets $3 Billion EV Boost From Australian Firm
- EV Metals to build plant, explore for metals used in batteries
- Saudi Arabia hopes mining can help diversify the economy
Photographer: Vincent Mundy/Bloomberg
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An Australian company plans to invest $3 billion in Saudi Arabia in a bet on the metals used in batteries for electric vehicles.
EV Metals Group Plc’s spending will be on building plants to process minerals including lithium and nickel, and later expand into exploring for the battery metals, Managing Director and Chief Executive Officer Michael Naylor said. It would be one of the first major deals since Saudi Arabia passed a law to attract investments in mining as it looks to diversify its oil-dominated economy.