Aramco and Ma'aden form mineral exploration joint venture

Aramco and Ma’aden have officially signed a shareholders’ agreement to establish a joint venture aimed at unlocking significant new frontiers for mineral exploration and hard-rock mining across the Kingdom of Saudi Arabia. 

This strategic collaboration, which was first disclosed in January 2025, represents a landmark effort to integrate Aramco’s advanced technical capabilities with Ma’aden’s extensive mining expertise to bolster the global energy transition value chain.

The newly formed entity is expected to be owned 51% by Ma’aden and 49% by Aramco. Its primary mandate is to focus on exploration activities within ‘Zone-4’, an area frequently referred to as the Transition Zone. Situated along the Arabian Platform, this exploration region covers approximately 182,000 square kilometres—an area equivalent to nearly 10% of the total land mass of Saudi Arabia.

Pioneering Exploration through Advanced Technology

The joint venture intends to leverage a combination of historical geological data and cutting-edge computational tools. By utilising high-performance computing and proprietary artificial intelligence algorithms, the partnership aims to identify areas with high potential for copper and other critical transition minerals. This approach is designed to streamline the transition from initial regional screening to definitive target discovery.

Saleh M. Al Saleh, Aramco Vice President of Transition Minerals, highlighted the extensive data foundation underpinning the project: “Over 90 years, Aramco has accumulated and analysed 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.”

Strengthening the Global Energy Transition

The global demand for copper is experiencing rapid growth, largely driven by the increasing shift toward electric vehicles, advanced power networks, energy storage solutions, and renewable energy infrastructure. Currently, copper represents over 20% of the $1.2 trillion mined metals market. With the market valuation projected to climb from approximately $250 billion today to over $400 billion by 2035, the strategic importance of this joint venture cannot be understated.

In addition to copper, the exploration efforts will target other essential minerals, including zinc, lead, and various rare earth elements that are anticipated to be fundamental to the industries of the future.

Darryl Clark, Ma’aden Executive Vice President for Exploration, emphasised the scale of the ambition: “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.”

Regulatory Path Ahead

While the agreement marks a significant milestone, the incorporation of the joint venture remains subject to several conditions. The effectiveness of the shareholders’ agreement is contingent upon the successful fulfillment of various conditions precedent, including obtaining all necessary corporate and regulatory approvals, as well as securing standard antitrust clearances.

By combining the operational strengths of two of the Kingdom’s most prominent organisations, the JV aims to reinforce Saudi Arabia’s role as a key player in the global minerals sector, ensuring a more resilient supply chain for the energy systems of tomorrow.