Aramco and Ma’aden launch joint venture to explore critical minerals

Saudi Aramco and the Saudi Arabian Mining Company (Ma’aden) announced on Tuesday the signing of a shareholder agreement to establish a joint venture aimed at boosting opportunities for mineral exploration and hard rock mining in the Kingdom, with a focus on minerals vital to the energy transition sector.

The joint venture, first announced in January 2025, will be 51% owned by Ma’aden and 49% by Saudi Aramco. The project will focus on exploring the so-called Fourth Zone, also known as the Transformational Zone within the Arabian Shield, which represents a major new opportunity for mineral discovery in Saudi Arabia.

Project area and objectives

The exploration area covers approximately 182,000 square kilometers—about 10% of the Kingdom’s total area—running parallel to the Arabian Shield for 100 kilometers. The project will focus on copper and other minerals critical to renewable energy.

Saleh Mohammed Al-Saleh, Vice President of Transformational Minerals at Saudi Aramco, said the company has built the Kingdom’s largest geological and geophysical database over more than 90 years, which will enhance the chances of mineral discoveries in the joint venture area.

Advanced technology and partnership role

Al-Saleh noted that combining Ma’aden’s expertise with Aramco’s workforce, high-performance computing, and artificial intelligence will accelerate the discovery of minerals essential to the energy transition at lower costs.

Daril Clark, Executive Vice President for Exploration at Ma’aden, added that the company has developed one of the world’s largest exploration programs, and the joint venture will support Saudi Arabia’s mining ambitions by leveraging the strengths of both companies.

Importance of copper and transition minerals

The project will place special emphasis on copper, which is increasingly important for electric vehicles, power grids, and renewable energy systems. Copper accounts for over 20% of the global mined metals market, with a current market value of $250 billion, expected to exceed $400 billion by 2035.

The venture will also explore other minerals vital to the energy transition, such as zinc, lead, and rare earth elements, which are expected to be crucial for future industries.

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Supporting Saudi Arabia’s mining sector

The joint venture aims to use advanced computational algorithms, artificial intelligence, and high-performance computing to target areas with the highest potential for copper and valuable mineral discoveries, strengthening Saudi Arabia’s role in the global minerals value chain and supporting growing demand for transition minerals.

The launch of the joint venture and the effectiveness of the agreements are subject to certain preconditions, including obtaining necessary internal and regulatory approvals, as well as competition-related consents.