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More mining moves in KSA: Saudi’s Riwaq Al Mawarid for Mining (Riwaq) — a subsidiary of Australian battery chemicals and technology company EV Metals Group (EVM) — has signed a binding earn-in joint venture agreement with UK exploration company Power Metals Resources to expand EVM’s exploration activities in the Arabian Shield, according to a statement.
What are they looking for? Lithium, nickel, and copper / molybdenum — all are critical for battery manufacturing and the energy transition.
The details:Riwaq holds legal ownership of 15 tenements covering 1487 sq km, with exploration licenses already granted for 11 and another four pending. Power Metals will invest USD 350k within 12 months to earn a 20% stake in the tenements and could go up to 30% with a follow-on investment. They plan to form a JV later to continue exploration.
REMEMBER- Saudi recently completed an analysis on 88k geochemical samples from the Arabian Shield: The Saudi Geological Survey (SGS) completed geochemical analysis on 88k samples from the Arabian Shield after a scanning 540k sq km in the region in a bid to identify investment locations for mining companies worldwide in February. SGS analyzed 76 elements per geochemical sample and final results will be fed into the country’s National Geological Database.
About Power Metals Resources: Power Metals Resources is a London-based metals exploration and development company, focused on financing and managing global resource projects to uncover significant metal discoveries. The company currently has active projects in Australia, Botswana, Canada, Tanzania and the US, according to its website.
