Aramco and Maaden have signed a shareholders’ agreement to establish a joint venture (JV) aimed at unlocking new frontiers in mineral exploration and hard-rock mining across Saudi Arabia. The announcement, made on August 18, 2026, via the Saudi Press Agency, outlines a strategic partnership focused on copper and other critical minerals essential to the global energy transition. The JV plans were initially disclosed in January 2025, and the agreement marks a significant step forward in the Kingdom’s drive to diversify its economy and secure mineral resources.
Context and Background
The JV will be owned 51% by Maaden and 49% by Aramco, combining the expertise of the Kingdom’s mining and energy giants. The exploration focus will be on Zone-4, also known as the Transition Zone, within the Arabian Platform—a region that has historically been underexplored for minerals. Spanning approximately 182,000 square kilometers, nearly 10% of Saudi Arabia’s total land area, the exploration area stretches along a 100-kilometer-wide zone running parallel to the Arabian Shield, presenting a major opportunity for new mineral discoveries.
This initiative leverages Aramco’s vast repository of geological and geophysical data accumulated over 90 years of operations, which is the largest of its kind for a single basin in the Kingdom. By combining this data with Maaden’s proven exploration and development capabilities, the JV aims to accelerate the discovery of key transition minerals, including copper, zinc, lead, and rare earth elements.
Key Details
Aramco Vice President of Transition Minerals Saleh M. Al Saleh emphasized the value of the partnership: “Over 90 years, Aramco has accumulated and analyzed the largest amount of geological and geophysical data ever acquired in a single basin for the Kingdom. This partnership intends to leverage this legacy information to find minerals in the JV area within the basin. Maaden’s expertise, our people, high-performance computing, and AI are expected to play a pivotal role in accelerating the discovery of key transition minerals at low cost.”
Maaden Executive Vice President for Exploration Darryl Clark added, “Maaden has been advancing one of the world’s largest single jurisdiction exploration programs across the Arabian Shield to help unlock the Kingdom’s mineral potential. This joint venture would take that ambition into a new area. By combining Maaden’s exploration and development expertise with Aramco’s extraordinary knowledge of the Arabian Platform, we would have an opportunity to move faster, explore smarter, and create new opportunities to discover the minerals that will power the energy transition.”
Copper, which is increasingly significant for electric vehicles, power networks, energy storage, and renewable energy systems, will be a primary focus. The copper market currently valued at approximately $250 billion is projected to grow to over $400 billion by 2035, and it constitutes over 20% of the $1.2 trillion mined metals market. The JV will also explore for other energy transition minerals such as zinc, lead, and rare earth elements, which are crucial for future industries.
Utilizing advanced computational algorithms, AI, and high-performance computing, the JV intends to target areas most likely to contain valuable minerals, accelerating the path from regional screening to target definition and discovery. This approach is expected to support long-term sector development and reinforce the Kingdom’s role in the global minerals value chain.
Implications
This partnership underscores Saudi Arabia’s commitment to becoming a global leader in mineral exploration and mining. By tapping into the Arabian Platform’s untapped potential, the JV aims to secure critical minerals needed for the energy transition, thereby reducing global supply chain vulnerabilities and positioning the Kingdom as a reliable supplier. The move also aligns with the global push for cleaner energy technologies, as copper and other transition minerals are integral to electrification and renewable energy infrastructure.
The JV’s focus on AI and high-performance computing sets a new benchmark for exploration efficiency, potentially lowering costs and accelerating discovery timelines. This technological edge could attract further investment and innovation in the Kingdom’s mining sector, contributing to economic diversification and job creation.
Vision 2030 Alignment
The formation of this joint venture is a cornerstone of Saudi Arabia’s Vision 2030, which aims to transform the national economy by expanding non-oil industries and maximizing the value of the Kingdom’s natural resources. By leveraging cutting-edge technology and strategic partnerships, the JV will help unlock the full potential of Saudi Arabia’s mineral wealth, fostering sustainable development and global competitiveness. As the Kingdom continues to advance its mining sector, this initiative paves the way for a prosperous and diversified future, reinforcing its role as a key player in the global energy transition.
20 Questions
Q1. What is the purpose of the Aramco-Maaden joint venture?
A1. The JV aims to unlock new opportunities in mineral exploration and hard-rock mining in Saudi Arabia, focusing on copper and other critical minerals essential for the global energy transition, leveraging the combined expertise of both companies.
Q2. When was the JV agreement signed?
A2. The shareholders’ agreement was signed and announced on August 18, 2026, as reported by the Saudi Press Agency, with initial plans disclosed in January 2025.
Q3. What is the ownership structure of the JV?
A3. Maaden will own 51% of the JV, while Aramco will own 49%, ensuring Maaden’s majority control while benefiting from Aramco’s extensive data and technical capabilities.
Q4. What is Zone-4 in the context of this JV?
A4. Zone-4, also known as the Transition Zone, is an area within the Arabian Platform that will be the primary exploration target. It spans approximately 182,000 square kilometers, nearly 10% of Saudi Arabia’s land area.
Q5. How large is the expected exploration area?
A5. The exploration area stretches across a 100-kilometer-wide zone parallel to the Arabian Shield, covering about 182,000 square kilometers—a substantial portion of the Kingdom’s territory.
Q6. What minerals will the JV focus on?
A6. The primary focus is copper, a critical metal for electric vehicles and renewable energy, along with zinc, lead, and rare earth elements crucial for future industries.
Q7. Why is copper significant for the energy transition?
A7. Copper is essential for electric vehicles, power networks, energy storage, and renewable energy systems, making it a cornerstone of the global shift toward cleaner technologies.
Q8. How will the JV leverage technology in exploration?
A8. The JV will use advanced computational algorithms, AI, and high-performance computing to target areas likely to contain minerals, accelerating discovery and reducing costs.
Q9. What is the current value of the copper market?
A9. The copper market is valued at approximately $250 billion and is projected to grow to over $400 billion by 2035, reflecting rising global demand.
Q10. What share of the mined metals market does copper represent?
A10. Copper constitutes over 20% of the $1.2 trillion mined metals market, underlining its economic importance.
Q11. What expertise does Aramco bring to the JV?
A11. Aramco brings over 90 years of geological and geophysical data, the largest such dataset for a single basin in Saudi Arabia, along with high-performance computing and AI capabilities.
Q12. What expertise does Maaden bring to the JV?
A12. Maaden brings extensive exploration and development expertise, including one of the world’s largest exploration programs across the Arabian Shield, advancing the Kingdom’s mineral potential.
Q13. How does the JV align with Saudi Arabia’s economic diversification?
A13. The JV supports Vision 2030 by expanding non-oil industries, unlocking mineral wealth, and fostering sustainable economic growth, reducing dependence on oil.
Q14. What are the conditions for the JV to become effective?
A14. The effectiveness is conditional upon obtaining all required corporate and regulatory approvals, including antitrust clearance, as per the shareholders’ agreement.
Q15. What is the expected impact on the global minerals value chain?
A15. The JV is expected to reinforce Saudi Arabia’s role in the global minerals value chain, providing a reliable supply of critical minerals and supporting the energy transition.
Q16. How will the JV accelerate the discovery of transition minerals?
A16. By combining Aramco’s legacy data with Maaden’s exploration expertise and advanced computational tools, the JV can identify targets faster and more cost-effectively.
Q17. What is the significance of the Arabian Platform in this context?
A17. The Arabian Platform has been historically underexplored for minerals, offering new potential for discoveries, unlike the Arabian Shield which has been the focus of past exploration.
Q18. How does the JV contribute to the Kingdom’s mining sector development?
A18. The JV supports long-term sector development by introducing advanced exploration techniques, creating jobs, and attracting investment, thereby boosting the mining industry.
Q19. What is the role of AI in the JV’s exploration strategy?
A19. AI is used to analyze geological data, predict mineral occurrences, and optimize exploration targets, significantly increasing the efficiency of the discovery process.
Q20. When was the JV concept first announced?
A20. The JV plans were first disclosed in January 2025, and after months of planning, the shareholders’ agreement was signed on August 18, 2026.
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