A state-backed Saudi venture would buy stakes in mining assets worth $15 billion in African countries, which will permit US companies to buy some of the production.
Wall Street Journalwould buy stakes in mining assets worth $15 billion in African countries such as the Democratic Republic of Congo, Guinea and Namibia, which will permit US companies to have rights to buy some of the production, the report added.The US is in a race to catch up with China for supplies of cobalt, lithium and other metals that are used in electric car batteries, laptops and smartphones.
In a similar arrangement in July, Saudi Arabian Mining Co and the Saudi Public Investment Fund acquired 10% of Brazilian Vale’s base metal unit, while US investment firm Engine No. 1 acquired 3%. The newspaper said the PIF approached Congo in June about investing in cobalt, copper and tantalum in the country via its $3 billion joint venture with Ma’aden called Manara MineralsThe White House is seeking the financial backing of other sovereign-wealth funds in the region, but talks with Saudi Arabia have progressed the farthest, theThe Saudi government and The White House did not immediately respond to a request for comment.
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