In a major step toward strengthening its critical minerals sector, Saudi Arabia’s Grand Mines Mining Company has entered into a $9 billion partnership with U.S.-based Burkhan World Investment (BWI). The agreement was formalized through a Memorandum of Understanding (MoU) signed at the Saudi-U.S. Investment Forum in Riyadh.
The new venture, to be headquartered in Saudi Arabia, aims to accelerate the exploration, development, and export of vital minerals such as lithium, cobalt, and rare earth elements. These resources are essential for powering clean energy technologies, electric vehicles, energy storage systems, and high-tech manufacturing.
Under the terms of the MoU, Burkhan Global will serve as the general partner, bringing in global expertise and investment capabilities. Meanwhile, Grand Mines will contribute strategic land assets, infrastructure, and support in navigating regulatory and permitting frameworks within the Kingdom.
Mohammed Aldulaim, Chairman of the National Mining Committee, emphasized that this collaboration marks a significant milestone in Saudi Arabia’s strategy to become a global leader in the mining and energy transition industries. BWI echoed this sentiment, highlighting the project’s role in advancing sustainable development and diversifying the Kingdom’s economy under Vision 2030.
This ambitious initiative is poised to position Saudi Arabia as a key global hub for the extraction and export of critical minerals, paving the way for long-term economic growth and industrial transformation.