Aramco and Maaden form venture to tap Saudi Arabia’s $2.5 trillion mineral wealth
Saudi Aramco and Saudi Arabian Mining Company (Maaden) have agreed to form a joint venture to accelerate the exploration and production of critical minerals in the kingdom as part of plans to build a domestic mining industry and diversify its economy beyond oil. Maaden will own 51 per cent of the venture and Aramco 49 per cent under the shareholders’ agreement, Aramco said on Tuesday. The deal is…
Saudi Aramco and Saudi Arabian Mining Company (Maaden) have joined forces to explore and produce critical minerals in Saudi Arabia, as part of efforts to build a domestic mining industry and diversify the economy beyond oil. Maaden holds 51 percent ownership of the venture, while Aramco owns 49 percent. The joint venture will explore the 182,000-square-kilometre Transition Zone, believed to contain valuable deposits of gold, silver, copper, zinc, lead, chromium, nickel, tantalum, niobium, and rare earth elements.
This ambitious project could help Saudi Arabia become a global supplier of critical minerals, with the kingdom estimating its mineral wealth at $2.5 trillion. The partnership leverages Aramco's extensive geological and geophysical data and Maaden's mining expertise, computing capabilities, and AI to identify potential mineral deposits.
The initiative aligns with Saudi Arabia's Vision 2030 agenda to increase the mining sector's contribution to the economy to $64 billion by 2030.
Written by urgent.news from The National Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Mannai Information Technology Saudi Arabia lays the foundation for long-term growth in the Kingdom saudigazette.com.sa
- Aramco and Maaden form venture to tap Saudi Arabia’s $2.5 trillion mineral wealth thenationalnews.com
- Saudi Arabia resumes oil loadings, sales from inside Strait of Hormuz brecorder.com
- Saudi Arabia tightens airline checks on passenger travel documents arabianbusiness.com
