Maaden working to extract lithium from seawater: CEO

Maaden's CEO Robert Wilt

Saudi Arabian Mining Co. (Maaden) is working to extract lithium from seawater as competition for the rare metal rages between the US and China, Reuters reported, citing CEO Robert Wilt.

He added that the company is still in the pilot phase.

"We have de-risked our portfolio in terms of broadening exploration and working external to the kingdom to make sure we are resilient no matter what happens geopolitically," Wilt said.

He noted the Kingdom is developing the automotive industry, which will require electric vehicle battery materials.

"We will probably not find that in time as the plants are being built, so we have to go outside and source it," the top executive noted.

The company is also planning to almost double production from its phosphate and gold mines, Wilt said.

"We are in the final stages of commissioning Mansourah-Massarah, the largest gold mine in the Kingdom, which will almost double our production of gold," he said, adding that prices seem to be steadying out in a place that's higher than they were going into at the beginning of the cycle.