Saudi Aramco and Ma’aden have signed a shareholders agreement to establish a joint venture aimed at unlocking new opportunities for mineral exploration and hard rock mining in the Kingdom. The agreement, announced on August 18, 2026, from Dammam, brings together the strengths of two of Saudi Arabia’s industrial leaders to focus on copper and other critical minerals essential for the global energy transition. The joint venture’s plans were first unveiled in January 2025, signaling a strategic move to bolster the Kingdom’s position in the global minerals value chain.
Context and Background
The joint venture will see Ma’aden hold a 51% stake, while Saudi Aramco will own the remaining 49%. The partnership will concentrate on exploring Region 4, also known as the Transform Zone, within the Arabian Shelf. This area, spanning approximately 182,000 square kilometers—about 10% of Saudi Arabia’s total land area—runs along a 100-kilometer-wide belt parallel to the Arabian Shield. It represents a new frontier for mineral discovery in the Kingdom, building on decades of geological data accumulated by Aramco.
Key Details
Saleh Mohammed Al-Saleh, Vice President of Transformative Minerals at Saudi Aramco, highlighted that Aramco has gathered the largest ever dataset of geological and geophysical information for a single basin, analyzed across more than 90 years. This partnership will leverage this information reservoir to efficiently target minerals within the joint venture area. The integration of Ma’aden’s exploration expertise, Aramco’s specialized workforce, and advanced high-performance computing and artificial intelligence technologies is expected to accelerate the discovery of energy-transition minerals at lower cost.
Darrell Clark, Executive Vice President of Exploration at Ma’aden, noted that Ma’aden has developed one of the world’s largest exploration programs within a single jurisdiction across the Arabian Shield. He emphasized that the joint venture will push ambitions to new heights, combining Ma’aden’s exploration and development experience with Aramco’s exceptional knowledge of the Arabian Shelf region to move faster, explore smarter, and create new opportunities for mineral discoveries that support the energy transition.
The joint venture will primarily target copper, a metal of growing importance in electric vehicles, power grids, energy storage, and renewable energy systems. Copper accounts for more than 20% of the $1.2 trillion extracted metals market, with the copper market currently valued at around $250 billion and projected to exceed $400 billion by 2035. The venture will also explore other energy-transition minerals, including zinc, lead, and rare earth elements, which are expected to be crucial for future industries.
Implications and Impact
By utilizing advanced computational algorithms, artificial intelligence, and high-performance computing, the joint venture aims to target areas with the highest likelihood of finding copper and valuable minerals, accelerating the process from regional screening to targeted site identification and discovery. This is expected to support long-term sector development, enhance the Kingdom’s role in the global minerals value chain, and help meet the growing demand for transition minerals. The venture also underscores Saudi Arabia’s commitment to diversifying its economy beyond hydrocarbons and positioning itself as a key player in the global energy transition.
Vision 2030 Alignment
This joint venture directly supports Saudi Arabia’s Vision 2030 goals of economic diversification, industrial growth, and technological advancement. By leveraging advanced technologies and strategic partnerships, the Kingdom is unlocking its vast mineral potential, creating new industries, and generating high-value jobs. The collaboration between Aramco and Ma’aden exemplifies the spirit of partnership and innovation that drives the Vision 2030 agenda, positioning Saudi Arabia as a global leader in sustainable energy solutions and critical minerals for the future.
20 Questions
Q1. What is the primary objective of the Aramco-Ma’aden joint venture?
A1. The primary objective is to explore and develop mineral resources, especially copper and other critical minerals, in the Arabian Shelf region of Saudi Arabia, unlocking new opportunities for hard rock mining and supporting the energy transition.
Q2. Who are the partners in this joint venture?
A2. The partners are Saudi Aramco, the world’s leading integrated energy and chemicals company, and Ma’aden, Saudi Arabia’s national mining champion. The agreement was announced on August 18, 2026.
Q3. What is the ownership structure of the joint venture?
A3. Ma’aden will hold 51% of the joint venture, while Saudi Aramco will own 49%. This structure leverages Ma’aden’s mining expertise and Aramco’s extensive data and technological capabilities.
Q4. Which specific area will the joint venture focus on?
A4. The joint venture will focus on Region 4, also known as the Transform Zone, within the Arabian Shelf. This area covers approximately 182,000 square kilometers, about 10% of Saudi Arabia’s total land area.
Q5. Why is this exploration area considered significant?
A5. The area is a new frontier for mineral discovery, running along a 100-kilometer-wide belt parallel to the Arabian Shield. It offers untapped potential for copper and other critical minerals essential for the energy transition.
Q6. How will Aramco’s data contribute to the project?
A6. Aramco has accumulated over 90 years of geological and geophysical data, the largest ever collected for a single basin. This data will help identify high-potential targets and accelerate exploration efficiently.
Q7. What role will artificial intelligence play in the exploration?
A7. Advanced algorithms, AI, and high-performance computing will be used to analyze data and target areas with the highest likelihood of mineral deposits, speeding up the discovery process.
Q8. What minerals will the joint venture prioritize?
A8. The priority is copper, which is vital for electric vehicles, power grids, energy storage, and renewables. It will also explore zinc, lead, and rare earth elements.
Q9. Why is copper considered crucial for the energy transition?
A9. Copper is essential for electrical conductivity and is used extensively in renewable energy systems, EVs, and grid infrastructure. Its demand is expected to grow significantly as the world shifts to clean energy.
Q10. What is the current market value of copper?
A10. The copper market is currently valued at around $250 billion, and it is projected to grow to more than $400 billion by 2035, driven by increasing demand from the energy transition.
Q11. How does this joint venture align with Saudi Arabia’s economic diversification goals?
A11. It supports Vision 2030 by developing the mining sector as a third pillar of the economy, reducing dependence on oil, and creating new industries and employment opportunities.
Q12. What expertise does Ma’aden bring to the partnership?
A12. Ma’aden brings extensive experience in exploration and development, having run one of the world’s largest exploration programs across the Arabian Shield, with a proven track record in mining operations.
Q13. How will the joint venture benefit from Aramco’s knowledge of the region?
A13. Aramco’s exceptional knowledge of the Arabian Shelf, accumulated through decades of operations, provides critical insights into the geology and potential mineral-rich zones.
Q14. What technological advancements will be used in the exploration process?
A14. The joint venture will use high-performance computing, AI algorithms, and advanced data analytics to process geological data, identify targets, and reduce exploration time and costs.
Q15. How will this project support the global demand for critical minerals?
A15. By unlocking new mineral resources, the project will help meet the growing global demand for copper and other critical minerals, contributing to the stability of supply chains.
Q16. What are the conditions for the joint venture to become effective?
A16. The effectiveness is subject to fulfilling certain pre-defined conditions, including obtaining all necessary internal and regulatory approvals, as well as competition-related clearances.
Q17. What is the expected impact on Saudi Arabia’s mining sector?
A17. The joint venture is expected to accelerate mineral discovery, boost the sector’s growth, attract investment, and position Saudi Arabia as a key player in the global minerals value chain.
Q18. How does the project contribute to the global energy transition?
A18. By increasing the supply of copper and other essential minerals, the project supports the manufacturing of renewable energy technologies, EV batteries, and grid infrastructure, facilitating the shift away from fossil fuels.
Q19. What is the significance of the January 2025 announcement?
A19. The initial announcement in January 2025 signaled the intent to form the joint venture, allowing time for planning and regulatory preparation. The recent signing formalizes the commitment.
Q20. What is the future outlook for mineral exploration in Saudi Arabia?
A20. With Vision 2030 backing and strategic partnerships like this, Saudi Arabia is set to become a major hub for mineral exploration and mining, driving economic diversification and sustainable development for decades to come.
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