OIG and European Lithium created a powerful entity to support the Kingdom’s vision in evolving the mining and the electric vehicles industries
The kingdom’s pursuits in reinforcing the mining sector that is envisioned to be the third pillar of the Saudi’s economy have been quite evident across the recent years. We have lately witnessed clear efforts undertaken by the Kingdom in providing all the required catalysts and unlocking the doors of thriving investment opportunities that aimed to promote the economic climate in general and accelerate the mining field in particular.
It is also worth mentioning that the great efforts of the Ministry of Industry and Mineral Resources in the mining affairs, especially the roles of His Excellency the Minister and His Excellency the Deputy Minister, had a major impact on placing the Kingdom of Saudi Arabia on the map of the global mining industry. One of the most prominent steps was the launch of the Future Minerals Forum “FMF”, that had contributed, along with many other initiatives, in introducing the international investors and companies to the available opportunities and the attractive environment for investment in the Kingdom.
Speaking of the industrial conglomerate Obeikan Investment Group (OIG), the group has manifested notable initiatives in leveraging the offered potentials and activated its role as a leading company in the private sector to support the Kingdom’s current approach, one of which was stepping into a joint venture cooperation with the Australian company European Lithium.
This Saudi – Australian partnership started at the outset of 2023, with the aim of creating a powerhouse entity that contributes to achieving two main goals that go in parallel with the kingdom’s vision, the first one is processing the lithium hydroxide which aligns with the mining aspect and the second one is building an integrated lithium supply chain to support the local manufacturing of electric cars batteries which is consistent also with the Kingdom’s 2030 outlook for the production of 500,000 electric cars per year.
About Obeikan Investment Group
Obeikan is a leading industrial company operating in multiple fields including glass, paper and plastics with growing focus on harnessing the power of technology and digital transformation across all its operations. The group is one of the largest investment companies in the Kingdom of Saudi Arabia and MENA and owns more than 20 factories and 25 companies.
About European Lithium
European Lithium is a mining exploration and development company which wholly owns the Wolfsberg Lithium Project located in Carinthia, 270 km south of Vienna, Austria.
The Company’s primary listing is on the Australia Securities Exchange (ASX: EUR) and it is also listed in Frankfurt (FRA: PF8) and USA (OTC-QB: EULIF).
The Wolfsberg Lithium Project is well located in Central Europe with access to established road and rail infrastructure to distribute lithium products to the major lithium consuming countries of Europe.
