US, S Arabia in talks to secure metals in Africa

The United States and Saudi Arabia are in talks to secure metals in Africa needed to help them with their energy transitions, according to a Wall Street Journal report published on Sunday, reports Reuters.
A state-backed Saudi venture would 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 Wall Street 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 (Ma'aden) and the Saudi Public Investment Fund (PIF) acquired 10 per cent of Brazilian Vale's base metal unit, while US investment firm Engine No. 1 acquired 3 per cent.
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 Minerals. Manara is also focusing on iron ore, nickel and lithium.