Hainan Mining (601969.SH) announced on July 16 that the company has signed a memorandum of understanding with Ajlan & Bros to jointly explore the feasibility of building a lithium salt factory project in Saudi Arabia and jointly establish an industrial fund mainly for upstream lithium resources, local mineral exploration, and seeking new energy metal mineral and technology investment opportunities globally.
Saudi Arabia is one of the countries in the Belt and Road Initiative and a global strategic emerging market, with rich oil and natural gas resources and geographical advantage. It is also pushing forward the Saudi "2030 Vision" focusing on diversified tangible industry investment. Ajlan & Bros Holding Group is one of the well-known international investment companies in Saudi Arabia and has established long-term and close partnerships with many Chinese companies in various fields in recent years. The signing of this memorandum of understanding accords with the company's development strategy and helps to explore industry development opportunities in the Middle East and other regions with the local influence and financial advantages of Ajlan & Bros Holding Group, relying on the company's technology and management experience in metal mining exploration and lithium salt processing, achieve win-win cooperation. If the relevant cooperation projects can finally be reached, it will further expand the company's industrial scale in the new energy track mainly based on lithium resources and promote the acceleration of the company's global strategy.