On the evening of July 16, Hainan Mining announced that it had signed a memorandum of understanding with Saudi Arabia's Ajlan Mining, and the two sides plan to cooperate in the Middle East to build a lithium salt plant and set up an industrial fund focusing on new energy metals and minerals investment.

The cooperation intention is Saudi Arabia in the field of new energy vehicles to the expansion of upstream resources an important step, although Saudi Arabia itself is not abundant lithium resources. Hainan Mining, as a “new recruit” in the field of new energy, has been actively laying out lithium salt processing and lithium mining industry in recent years, and its lithium hydroxide project is expected to go into operation in 2024.

The cooperation between the two parties aims to utilize Ajlan Mining's influence and financial advantages in Saudi Arabia, combined with Hainan Mining's technology and management experience in metal mine exploration and lithium salt processing, to jointly explore investment opportunities in new energy minerals in the Middle East and around the world.