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EVM secures Yanbu plant investment partner

21 August 2024

Australia-headquartered battery and chemicals firm EV Metals Group (EVM) has signed a strategic partnership agreement with RCF Management, the manager of US-based private equity firm Resource Capital Funds (RCF), which specialises in the global mining and minerals sector.

The agreement outlines a strategic collaboration whereby "RCF will leverage its global platform to work with EVM and its wholly owned subsidiary, EV Metals Arabia Company for Industry (EVM Arabia), in considering avenues to secure investment for EVM Arabia’s Lithium Chemicals Plant (LCP) project in Yanbu Industrial City in Saudi Arabia".

According to EVM, the LCP project is at an advanced stage, ready to commence construction for the first two processing trains, which will have a production capacity of 50,000 tonnes a year of high-purity lithium hydroxide monohydrate for customers across Europe and the Middle East.

Yanbu lithium plant

In March 2023, EVM appointed US/India-based Synergy Consulting as financial adviser to raise debt and equity for its planned lithium chemicals plant in Saudi Arabia.

The planned integrated battery chemicals complex at Yanbu Industrial City is expected to house a lithium chemicals plant, a nickel chemicals plant and a cathode active materials plant.

The project's estimated budget is $1.3bn, according to an industry source.

EVM is understood to have signed an agreement with the Royal Commission for Jubail & Yanbu for the allocation of 127 hectares of land, and with Saudi Arabia's Energy Ministry for gas and power allocation.

The location of the complex is expected to enable it to become a global hub for the midstream processing of critical raw materials required to foster a clean energy future.

Balthaga project

In July, EVM announced the successful completion of an initial exploration programme at the Balthaga lithium project in Saudi Arabia.

UK-listed Power Metal Resources and EVM’s special purpose subsidiary, Riwaq Al-Awarid for Mining, led the initial exploration programme, which is "an important milestone in unlocking value from the Balthaga project’s tenement package".

The Balthaga project is located 450 kilometres east of Jeddah in the south-east of the Arabian Shield. It comprises 13 tenements, covering a total area of approximately 1,200 square kilometres.

According to the global battery chemicals and technology company, all 13 tenements already have exploration licences, with the final two having been granted in April.

It said: "Previous work conducted to date indicates the prospects of lithium and rare earths. Riwaq also holds two separate tenements, which are prospective for nickel and copper/ molybdenum porphyry systems, respectively. These are both pending final grant."

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Jennifer Aguinaldo

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