European Lithium and Obeikan Group Joint Venture to Establish a Saudi Lithium Plant

A 50/50 joint venture between European Lithium Limited (ASX: EUR) and Obeikan Group has been announced for the construction of a large-scale lithium hydroxide processing plant in Saudi Arabia. The facility will handle spodumene concentrate from Austria's Wolfsberg Lithium Project. Wolfsberg's Zone 1 will only allow the recently founded Arabian New Energy to purchase spodumene. The joint venture seeks to fulfill requirements as part of a long-term supply contract with BMW.

Through a special committee, the parties will work together on the development of the plant. The project, in keeping with Saudi Arabia's Vision 2030, will look to the Saudi financial markets for finance.


 

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