Saudi Arabia’s main oil and mining companies are forming a joint venture to produce lithium, a key metal for the energy transition, as the kingdom pursues a bigger role in mining.

Saudi Aramco (ARMCO) plans to boost investments in lithium production, the Financial Times reported, citing three people close to the company, as the world's biggest oil company eyes developing its own supply chain for the metal that powers electric vehicle batteries.

Saudi Aramco, the world’s largest oil company, is to expand its investments in lithium production in the race to build a supply chain for the metal vital for batteries to power electric cars. China controls about two-thirds of the market in lithium processing,

The Saudi state giant is expected to announce plans to boost investments in lithium as part of broader moves to become a mining hub and diversify from oil, the FT reported

Saudi Arabian Oil Co. (Aramco) and Saudi Arabian Mining Co. announced today the signing of non-binding heads of terms for the formation of a minerals