Saudi Arabian state oil giant Aramco's project to extract lithium is "promising, but not yet commercially viable", the kingdom's mining minister told Reuters on Wednesday.

Saudi Aramco has announced plans to team up with state-run compatriot Ma’aden, a multi-commodity mining and metals company, to commercialise the extraction of lithium from underground salty waters at its vast oilfields in the kingdom, initially for the country’s own use.

The proposed venture will focus on energy transition minerals, which includes lithium extraction from high-concentration deposits and use of cost-effective direct lithium extracti