Post the World Economic Forum (WEF) and the Future Minerals Forum held in Saudi Arabia, Eurasian Resources Group (“ERG”) has expressed eagerness to make investments in the Kingdom for the long term to enable energy transition. ERG, which has its headquarters in Luxembourg, is a diversified natural resources group. The firm is looking to invest $50 million in the market. Further, it will augment this number every year.
ERG will be setting its sights on exploring battery transition minerals in the Ad Dawidimi region of the Kingdom. These will be large scale in nature, and facilitated by technology at early stage level. The firm has already received licenses and is in the process of exploring the ground.
Benedikt Sobotka, CEO of ERG, said, “The World Bank estimates 75% of global exploration spend goes to only 10 countries. This is not sustainable if we want to meet the exponential demand for minerals needed to power the global energy transition. ERG is seasoned in entering new frontier markets, those previously overlooked, untapped or underexplored, and is looking forward to embarking on this journey with the Kingdom. Saudi Arabia provides exceptional conditions to help us to continue producing essential materials for the production of batteries and renewable energy systems in the long term: large-scale maiden exploration ground, a young, ambitious and highly-skilled workforce, established infrastructure, stable and affordable power, a supportive legal framework for investment and the political will to capitalise on its mineral wealth.”
“Sustainable development is the bedrock of our business strategy and starting operations with a blank canvas gives us the opportunity to innovate and embed sustainable practices right from the start,” added Jonathan Cordero, Head of Corporate Development at ERG.
ERG is keen to propel technological development by creating partnerships with industry in the Kingdom. This
