VinFast’s electric vehicles are parked at a store in Los Angeles before delivery to their first customers, March 1, 2023.
Lisa Baertlijn | Reuters
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.
A state-backed Saudi company would buy stakes in mining assets worth $15 billion in African countries such as the Democratic Republic of Congo, Guinea and Namibia, giving US companies rights to buy some of the production, it said report.
The US is racing to overtake China for supplies of cobalt, lithium and other metals used in electric car batteries, laptops and smartphones.
In a similar deal, Saudi Arabian Mining Co (Ma’aden) (1211.SE) and the Saudi Public Investment Fund (PIF) acquired 10% of Brazilian Vale’s base metals unit in July, while US investment company Engine No. %.
The newspaper said the PIF approached Congo in June about investing in cobalt, copper and tantalum in the country through its $3 billion joint venture with Ma’aden called Manara Minerals.
Manara also focuses on iron ore, nickel and lithium.
The White House is seeking financial support from other sovereign wealth funds in the region, but talks with Saudi Arabia are the furthest along, the Journal said.
The Saudi government and White House did not immediately respond to a request for comment.