The United States and Saudi Arabia are in talks to secure metals in Africa needed to help them with their energy transitions, the Wall Street Journal reported on Sunday, citing people with knowledge of the talks. 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) 1211.SE and the Saudi Public Investment Fund (PIF) acquired 10% of Brazilian Vale's base metal unit, while US investment firm Engine No. The White House is seeking the financial backing of other sovereign-wealth funds in the region, but talks with Saudi Arabia have progressed the farthest, the Journal added. The Saudi government and The White House did not immediately respond to a request for comment.

Source: Wall Street Journal September 11, 2023 10:51 UTC