The international press is spotlighting the Saudi Arabian mining company Maaden as it rolls out a “strategy refresh” to unlock the Kingdom’s untapped resources. CEO Bob Wilt told the Financial Times that the PIF-backed company plans to double its gold output by 2030 and build a rare earths supply chain, with promising a program that will “blow people’s hair back”.

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Maaden will spend around USD 2.5 bn a year over the next five years on copper, gold, and rare earth projects, while using Saudi Aramco’s geological data to pinpoint new exploration sites. Partnerships with global players such as Canada-based Barrick Mining and US-based Ivanhoe Electric are also being pursued, alongside overseas investments through its international arm Manara.

Progress has been uneven. Manara has struck just one investment since its launch in 2023 — a 10% stake in Canada-based Vale Base Meta — while passing on stakes in Canada-based mining company Ivanhoe Mines and Pakistan’s Reko Diq project, the salmon-colored paper said. Meanwhile, industry executives say Maaden hasn’t been able to move as quickly as hoped, with setbacks including scrapping of a planned merger with Aluminum Bahrain (Alba) earlier this year.

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