MOSCOW, June 8. /TASS/. Saudi Arabia is ready to cooperate with Russia in the sphere of rare metals, Minister of Industry and Mineral Resources Bandar Al-Khorayef told TASS in the interview in conclusion of the St. Petersburg International Economic Forum.

"I think today the challenge is not only the assets of the resource, it's really the technology, so that's where we are focusing. We are working in multiple streams, so definitely we are working in Saudi Arabia through our research centers and universities to improve our ability to process this and to come up with the right technologies," the minister said.

"We are working with different countries. Of course, Russia is one of these countries," Al-Khorayef noted.

Both Saudi Arabia and Russia are currently looking for ideas of creating economic projects capable of developing sustainably in conditions of the current market dynamics, the minister added.