By Yara Abi Farraj
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RCF, EVM partner to secure investment for Saudi Arabia’s $1.5 billion lithium chemicals plant project

Plant's first 2 trains to have a capacity of 50,000 tons per annum of high-purity lithium hydroxide monohydrate
RCF, EVM partner to secure investment for Saudi Arabia’s $1.5 billion lithium chemicals plant project
Saudi Arabia's strategic geographic location and advantageous cost of energy, making it the ideal destination for the lithium chemicals plant

EV Metals Group (EVM), a global battery chemicals and technology company, has recently partnered with RCF Management, the manager of Resource Capital Funds (RCF), a leading private equity firm specializing in the global mining and minerals sector.

The agreement aims to leverage RCF’s global platform to work with EVM and its wholly-owned subsidiary, EV Metals Arabia Company for Industry (EVM Arabia). The two entities seek to secure investments for EVM Arabia’s $1.5 billion lithium chemicals plant project in Yanbu Industrial City, Saudi Arabia.

Complex to have a production capacity of 50,000 tons per annum

In January last year, the Australian battery chemicals and technology company secured 127 hectares of land in the Kingdom to build the complex.

EVM said that the project is already at an advanced stage and is ready to commence construction for the first two processing trains. The trains will have a production capacity of 50,000 tons per annum of high-purity lithium hydroxide monohydrate. In addition, they will cater to customers across Europe and the Middle East.

Read: Saudi Arabia’s MODON secures 9 deals worth $266.47 million to develop industrial cities

Saudi Arabia’s strategic location

The company said that four more processing trains are to follow by 2030.

“RCF brings substantial mining and metals investment experience and a strong team of professionals with wide-ranging industry and financial expertise,” stated Luke Fitzgerald, CEO of EV Metals Group.

Fitzgerald added that RCF’s history of successful investments in metals and mining globally in addition to its extensive portfolio of assets under management makes it a valuable partner for EVM as it advances its lithium chemicals plant project in Saudi Arabia.

“At Resource Capital Funds, we are true believers in the energy transition thematic and the need for further sources of refinery capacity for critical minerals outside China,” commented Martin Valdes, head of private equity of RCF.

Valdes noted Saudi Arabia’s strategic geographic location and advantageous cost of energy, making it the ideal destination for the lithium chemicals plant.

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