By Pesha Magid
RIYADH (Reuters) – Chile’s Codelco, the world’s largest producer, is in talks with Saudi Arabia over potential joint investments in the metal, the company’s chairman told Reuters in an interview on Friday.
On Codelco’s output, Chairman Maximo Pacheco said the company’s own production for 2025 was expected to rise by about 70,000 metric tons to around 1.4 million tons.
Pacheco said the state-owned company had been in discussions with Saudi Arabia as there was a clear need on both sides to add value.
“We would be very open to considering joint investment opportunities,” said Pacheco in an interview following a gathering of miners for the kingdom’s annual Future Minerals Forum.
Saudi Arabia has been pursuing critical minerals including copper and lithium, bidding to become a hub for battery and electric vehicle manufacturing as part of Crown Prince Mohammed bin Salman’s plan to wean the economy off oil.
Pacheco said he had met with the Saudi mining minister and representatives from Manara Minerals, a joint venture between Saudi Arabian Company and the kingdom’s $925 billion Public Investment Fund.
He said that he hoped that an announcement from the discussions…
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