Aramco and Maaden Form Joint Venture for Mineral Exploration

The Saudi Arabian Oil Co (Aramco) and the Saudi Arabian Mining Co (Maaden) signed a shareholders' agreement to establish a joint venture for mineral exploration and hard-rock mining in Saudi Arabia. Maaden will hold a 51% stake in the venture, while Aramco will hold the remaining 49%.

The partnership targets the Transition Zone, also known as Zone-4, an area of the Arabian Platform covering approximately 182,000 square kilometers. The venture will prioritize the extraction of copper, zinc, lead, and rare earth elements to support global energy transition technologies. The companies also indicated that commercial lithium production under the joint venture is expected to begin in 2027.

To accelerate discovery, the venture combines Maaden's mining and exploration expertise with Aramco's subsurface modeling, artificial intelligence, and extensive legacy geological data. This agreement follows non-binding terms established in January 2025 and aligns with the Vision 2030 strategy to diversify the national economy by establishing mining as a third pillar of industrial growth. Final incorporation of the joint venture remains subject to regulatory approvals and antitrust clearance.