Aramco, Maaden form mining JV to explore nearly 10% of Saudi Arabia’s land
RIYADH — Aramco and Saudi Arabian Mining Company (Maaden) have signed a shareholders’ agreement to establish a joint venture focused on mineral exploration and hard-rock mining in Saudi Arabia, with copper and other minerals critical to the energy transition among its main targets.Under the proposed structure, Maaden will own 51% of the joint venture and Aramco 49%. The companies first disclosed…
RIYADH — Aramco and Saudi Arabian Mining Company (Maaden) have formed a joint venture to explore mineral resources across nearly 10% of Saudi Arabia's land area. The venture, which will concentrate on copper and other transition minerals crucial for the energy transition, will focus its efforts in Zone-4, or the Transition Zone, within the Arabian Platform, encompassing approximately 182,000 square kilometers.
This area represents about 10% of the Kingdom's total landmass and extends along a roughly 100-kilometer-wide corridor parallel to the Arabian Shield.
Under the proposed structure, Maaden will hold a 51% stake in the joint venture, while Aramco will own 49%. The companies announced their plans for the venture in January 2025. The initiative aims to leverage Aramco's extensive geological and geophysical data, accumulated over 90 years, alongside Maaden's expertise in mineral exploration and development.
By employing advanced computational algorithms, artificial intelligence, and high-performance computing, the venture plans to expedite the discovery of valuable mineral deposits, reducing the time and cost associated with the process from regional screening to target identification and discovery.
The primary focus of the venture is copper, which is essential for various applications in the energy transition, including electric vehicles, electricity networks, energy storage, and renewable energy systems. The global copper market is currently valued at around $250 billion and is projected to exceed $400 billion by 2035. In addition to copper, the joint venture will explore for other transition minerals such as zinc, lead, and rare earth elements.
The shareholders' agreement and incorporation of the joint venture are subject to certain conditions, including obtaining necessary corporate and regulatory approvals and receiving antitrust clearance. This collaboration between Aramco and Maeden is anticipated to bolster Saudi Arabia's mining sector, enhance the country's position in the global minerals value chain, and meet the growing international demand for minerals necessary for energy-transition industries.
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