EV Metals Group, a global battery materials and technology company, has announced that its regional unit, EVM Arabia, will be setting up a new battery chemicals complex on a 1.27-million-sq-m area in Yanbu, at an investment of SR3.4 billion ($905 million).
EVM Arabia said it has already signed an agreement with the Royal Commission for Yanbu for the leasing of industrial land for the project as well as with the Saudi Ministry of Energy for allocation of gas and power.
The complex will see staged development and expansion of a lithium chemicals plant and a nickel chemicals plant.
The work on the first integrated battery chemicals complex of EVM, will begin in Q3 this year, it stated.
EVM Arabia said the commissioning of the first two trains of lithium hydroxide monohydrate (LHM) will begin in 2026 and the production capacity will gradually be ramped up to 50,000 tonnes per annum (tpa). This will be followed by an additional four trains, taking total production of the lithium chemicals plant threefold to 150,000 tpa of LHM, it stated.
This comes as part of the SR43 billion worth of agreements, signed by the Royal Commission on the sidelines of the International Mining Conference last month in Riyadh, for the establishment of key industrial projects in the cities of Ras Al Khair and Yanbu.
Other deals include one with the Red Sea Aluminum Industrial Company in connection with leasing of industrial land in Yanbu Industrial City to establish a factory project for smelting and rolling aluminium and its alloys, in addition to casting non-ferrous metals, according to the Royal Commission.
The project, which will come up on a 7.03-million-sq-m area, at an investment of SR38.2 billion, will provide a major boost to mining infrastructure projects through a mining ore distribution port.
Meanwhile, the Royal Commission in Ras Al Khair Industrial City too has signed three investment agreements at the event including one with Saudi Holding Company for Conversion Industries worth SR1.3 billion, which includes the allocation of 157,000 sq m of land to set up an aluminum foil and rolls factory in Ras Al Khair Industrial City.
The Royal Commission also signed an agreement with Tamouh Development and Investment Company, for setting up a aluminium plant on a 130,000 sq m at a total investment of SR474 million.
The third agreement was signed with the Petroleum Protection Services and Construction Company for allocation of a 10,000-sq-m area to set up a readymix concrete factory for marine uses.