Aramco partners with Maaden to expand mining collaboration

Boosting the next non-oil growth engine: Aramco and Maaden signed a shareholders’ agreement to establish a joint venture focused on expanding mineral exploration and hard-rock mining prospects, according to a press release.

The search area is huge: Maaden will own 51% of the JV and Aramco the remaining 49%, with the exploration targeting Zone-4. The zone covers around 182k sq km — equivalent to roughly 10% of Saudi Arabia’s landmass — across a 100-km-wide corridor running parallel to the Arabian Shield.

Copper is the big prize: The JV will focus on copper and other minerals considered critical to the energy transition, including zinc, lead, and rare-earth elements. The plans were first announced in January 2025.

Why this matters

Aramco is bringing the data, Maaden the mining know-how: The partnership combines Aramco’s decades of geological and subsurface data with Maaden’s exploration and mining expertise. Aramco says it has built one of the world’s largest collections of geological and geophysical data for a single basin, spanning more than 90 years of exploration.

The JV will use that data alongside AI, advanced computational algorithms, and high-performance computing to identify areas with the highest potential for commercially viable mineral deposits — potentially cutting the time and cost involved in moving from regional exploration to target identification. Regarding the expected level of investment in the joint venture, we have reached out to both companies but have yet to receive a response.

DATA POINT- The Kingdom has raised its estimate of the value of its mineral resources to around SAR 9.4 tn (USD 2.5 tn), up from SAR 5.2 tn (USD 1.3 tn) when the Kingdom launched its mining strategy.

But there is an important distinction: USD 2.5 tn is a resource estimate, not a bankable economic value. Turning geological resources into commercially viable reserves requires successful exploration, feasibility studies, financing, infrastructure, and processing capacity.

The mining push is already accelerating

Exploration spending is surging: “We have been watching a rapid increase in exploration within Saudi Arabia over the past couple of years, going from just USD 54 mn spent on primarily gold and copper exploration in 2023 to USD 236 mn in 2025,” Kevin Murphy, director of metals and mining research at S&P Global Energy, tells EnterpriseAM.

Further investment from the government, local companies, and international investors should eventually lead to new discoveries, although proving up a significant deposit can require many years of exploration, Murphy says. The impact of the new Aramco-Maaden JV will ultimately depend on the level of investment it commits, but the broader mining sector is encouraged by major companies signaling greater interest in exploration, he adds.

The number of explorers is climbing too: The number of active exploration companies rose from just six in 2020 to 226 in 2024, according to the Industry and Mineral Resources Ministry. The number of valid mining licenses reached more than 2.9k in 2025, up from 2.4k a year earlier.

Copper could be particularly important. The metal is essential for power grids, renewable energy, energy, storage and electric vehicles. That creates a chance for the Kingdom to use domestic resources as inputs for industries such as cables, electrical equipment, renewable energy components, and EV-related manufacturing.

Rare-earth elements could offer another route into higher-value manufacturing, particularly through permanent magnets used in wind turbines, EVs, and electronics.

Saudi’s mining ambitions extend beyond extracting ore, with the Kingdom targeting major expansion in mine production, smelting, and refining. A typical deposit takes around 16 years from discovery to production, meaning the upstream buildout will take time, while the Kingdom’s strategic location and established east-west trade routes give it an advantage in developing downstream capacity. “Fortunately, building out the midstream is much easier than the upstream,” Murphy says.

BUT- Saudi Arabia’s plans face near-term headwinds from overcapacity in China, which has contributed to negative treatment and refining charges (TC-RCs) over the past 18 months.

The global copper race is heating up

Entering a market that faces structural demand growth: The demand for critical minerals such as lithium, cobalt, and copper could require around USD 3 tn of additional global investment in mining and processing by 2030, SPA reports, citing Saudi officials.

REMEMBER- Maaden is already pursuing a broader approach to develop rare-earth value chains, including potential cooperation with MP Materials on processing, separation, and manufacturing capabilities.