Saudi Arabia’s drive to build a globally competitive mining industry has taken a significant step forward with the formation of a new joint venture between energy giant Aramco and mining champion Maaden, aimed at accelerating the discovery and development of critical minerals essential to the energy transition.

The two companies have signed a shareholders’ agreement to establish a joint venture that will focus on mineral exploration and hard-rock mining opportunities across the Kingdom, particularly within the vast Zone-4 Transition Zone of the Arabian Platform. The venture, first announced in principle in January 2025, is expected to be owned 51 per cent by Maaden and 49 per cent by Aramco, subject to regulatory and antitrust approvals.

The partnership brings together two of Saudi Arabia’s industrial heavyweights at a time when demand for strategic minerals such as copper, zinc, lead and rare earth elements is rising rapidly, driven by the expansion of electric mobility, renewable energy systems, power infrastructure and energy storage technologies worldwide.

Unlocking a Vast Untapped Resource Base

Covering approximately 182,000 sq km, nearly 10 per cent of Saudi Arabia’s land area, the exploration zone stretches along a 100-km-wide corridor running parallel to the Arabian Shield. Industry observers view the area as one of the Kingdom’s most promising but least explored mineral provinces.

Saleh M Al Saleh, Aramco Vice President of Transition Minerals at the announcement of the venture in 2025.

For Saudi Arabia, the initiative marks another step in transforming mining into a key economic pillar alongside oil, gas and petrochemicals. The Kingdom has been investing heavily in expanding its mining sector as part of Vision 2030, seeking to develop domestic resources that can feed future industries and reduce reliance on imports.

The venture is expected to leverage Aramco’s extensive geological and geophysical database, accumulated through more than 90 years of oil and gas exploration, alongside Maaden’s mining and exploration expertise. The combination could significantly accelerate the identification of commercially viable mineral deposits while reducing exploration costs and timelines.

“Over 90 years, Aramco has accumulated and analysed the largest amount of geological and geophysical data ever acquired in a single basin for the Kingdom,” said Saleh M Al Saleh, Aramco Vice President of Transition Minerals. He noted that the collaboration will combine legacy geological information, advanced computational tools and specialist expertise to support the search for key transition minerals.

Digital Technologies to Drive Exploration

A defining feature of the venture is its planned use of artificial intelligence (AI), advanced computational algorithms and high-performance computing to improve exploration efficiency.

Traditionally, mineral exploration has been a lengthy and capital-intensive process. By integrating massive geological datasets with AI-driven analytics, the partners aim to identify high-potential targets more quickly, reducing the time from regional screening to resource discovery.

The Kingdom has been investing heavily in expanding its mining sector as part of Vision 2030.

This reflects a growing trend across the global mining industry, where digital technologies are increasingly being used to improve exploration accuracy, optimise resource development and lower operational risks. For Saudi Arabia, the adoption of advanced exploration tools could strengthen the competitiveness of its mining sector and attract additional investment into the downstream minerals value chain.

Copper Takes Centre Stage

The joint venture’s primary exploration focus will be copper, one of the most strategically important metals in the global energy transition.

Copper is a key component in electric vehicles, charging infrastructure, renewable energy installations, transmission networks and energy storage systems. As countries accelerate decarbonisation efforts, demand for the metal is expected to rise sharply.

Copper currently accounts for more than 20 per cent of the global mined metals market, which is valued at approximately $1.2 trillion. The copper market alone is estimated at around $250 billion and is expected to exceed $400 billion by 2035, underscoring the growing importance of securing reliable supplies.

The Aramco-Maaden collaboration has the potential to uncover new mineral resources.

In addition to copper, the JV will pursue opportunities in zinc, lead and rare earth elements, commodities that are becoming increasingly important for advanced manufacturing, electronics, energy technologies and emerging industrial applications.

Supporting Vision 2030 Industrial Goals

The partnership aligns closely with Saudi Arabia’s broader economic diversification strategy under Vision 2030, which identifies mining as a key pillar of future industrial growth.

Over the past few years, the Kingdom has intensified efforts to unlock its estimated mineral wealth, attract international mining investment and establish integrated value chains spanning exploration, extraction, processing and manufacturing.

According to Darryl Clark, Maaden Executive Vice President for Exploration, the company has already been advancing one of the world’s largest exploration programmes within a single jurisdiction across the Arabian Shield. The new venture extends that effort into previously underexplored territory.

By integrating Maaden’s exploration and project development capabilities with Aramco’s unique geological understanding of the Arabian Platform, the partnership aims to accelerate resource discovery and create new opportunities for industrial development.

Strengthening Saudi Arabia’s Position in Global Supply Chains

Beyond exploration, the initiative carries significant implications for the Kingdom’s industrial future. Securing domestic sources of critical minerals could support the development of local processing industries, strengthen manufacturing ecosystems and increase Saudi Arabia’s participation in global clean-energy supply chains.

As international demand for transition minerals continues to climb, countries with access to reliable mineral resources are expected to play increasingly important roles in global industrial networks. The Aramco-Maaden collaboration therefore has the potential not only to uncover new mineral resources but also to reinforce Saudi Arabia’s position as a future hub for strategic minerals and advanced industrial production.

The venture could become a cornerstone of the Kingdom’s ambitions to transform mining into the third pillar of its economy, alongside energy and petrochemicals, while creating long-term opportunities across the industrial value chain.