Critical Metals Corp Signs Joint Venture Agreement With Obeikan Group for Lithium Hydroxide Plant in Kingdom of Saudi Arabia

Core Viewpoint - Critical Metals Corp and Obeikan Group have established a joint venture named Arabian New Energy to develop a lithium hydroxide processing plant in Saudi Arabia, aimed at supporting the European market's demand for lithium products [1][2][3]. Group 1: Joint Venture Details - The joint venture will be a 50%/50% partnership focused on constructing and operating a lithium hydroxide processing plant that will convert lithium spodumene concentrate sourced from the Wolfsberg Lithium Project in Austria [2][8]. - Arabian New Energy will have exclusive rights to purchase spodumene mined from the Wolfsberg resource, with pricing terms to be finalized between the parties [2][8]. - A Development Committee will be established to oversee key decisions related to the plant's development [2]. Group 2: Strategic Importance - This partnership combines the technical expertise of Critical Metals Corp with the industrial knowledge of Obeikan Group, leveraging Saudi Arabian financial markets to advance the goals of Vision 2030 [3][9]. - The Wolfsberg Lithium Project is strategically located in Austria and is the first fully permitted lithium mine in Europe, expected to be a major producer of lithium products for the European market [3][9]. Group 3: Future Plans - Critical Metals Corp plans to finalize the Definitive Feasibility Study (DFS) for the projects and secure funding for construction in the upcoming quarters [9]. - The Board of the newly formed Arabian New Energy will oversee the construction of the hydroxide plant, with funding sourced from within Saudi Arabia [9].