Saudi Aramco and Maaden, Saudi Arabia's mining giant, have announced plans to establish a joint venture focused on mineral exploration. The venture aims to identify and develop resources essential for the global energy transition, such as copper, lithium, and rare earth elements.
The agreement was signed on August 18, 2026, according to official statements. The joint venture will leverage Aramco's geological expertise and Maaden's mining experience to explore for minerals in the Arabian Shield, a region rich in untapped mineral deposits.
The move aligns with Saudi Arabia's Vision 2030, which seeks to diversify the economy beyond oil and position the kingdom as a hub for critical minerals. The venture is expected to contribute to the global supply chain for clean energy technologies.
Further details, including the investment size and timeline, have not been disclosed. The companies stated that the venture will operate under a new entity, with ownership split between Aramco and Maaden, though exact percentages were not provided.
