European Lithium, a mining and exploration company, has signed an agreement with Saudi conglomerate Obeikan Group to jointly develop and operate a lithium hydroxide processing plant in Saudi Arabia, according to a company statement on June 2.

Through the 50:50 joint venture, European Lithium will sell the spodumene mined at its site near the town of Wolfsberg, Austria, to be processed into lithium hydroxide, which offers better power density for batteries than lithium carbonate. The Saudi facility is expected to be developed to meet European Lithium’s long-term supply agreement with German carmaker BMW. 

“We are pleased to reach this strategic step in partnering with Obeikan that paves the way for significant [operating expenditure] savings, including greatly reduced energy and financing costs, and a much lower taxation rate,” Tony Sage, chair of European Lithium, said in a statement.

PepsiCo opens new factory in Poland

American food and drink multinational PepsiCo opened its fifth production plant in Poland in Świątem near Środa Śląska, in southwest Poland, according to a company statement on May 31.

With an investment of more than 1bn zlotys ($238.8m), PepsiCo expects to expand its product range and increase the scale of production to target 20 European markets. Dubbed the most environmentally friendly and technologically advanced PepsiCo facility in the EU, the new plant is slated to achieve net-zero emissions by 2035.

Silviu Popovici, president of PepsiCo Europe, said in a statement that Poland is a strategic market it has been investing in for more than 30 years. “The opening of this new environmentally sustainable snack establishment is a milestone for PepsiCo in Europe,” he said.

Dubai’s new plan for Palm Jebel Ali

Prime minister of the UAE, sheikh Mohammed bin Rashid Al Maktoum, has approved the emirate’s new plans for the Palm Jebel Ali, an artificial archipelago, according to a government release on May 31.

The Palm Jebel Ali, which began construction in 2002 but has been on hold since the late 2000s, is double the size of the already operational Palm Jumeirah. Under the new plan, it will contribute to Dubai’s tourism sector with over 80 hotels and resorts, along with the residential market.

“The urban expansion that Palm Jebel Ali represents is a testament to Dubai’s economic dynamism. It also signifies Dubai’s exceptional outlook as a hub for talent and investment,” Dubai’s ruler said in a statement.

And finally: Canadian pension fund CDPQ has put the brakes on its Chinese investment, according to the Financial Times.