Aramco and Maaden sign joint venture agreement for mineral exploration

Saudi Aramco and Maaden have signed a shareholders' agreement to establish a joint venture focused on hard-rock mineral exploration and mining in Saudi Arabia. The venture will target Zone-4, an area of approximately 182,000 square kilometers near the Arabian Shield.

The partnership aims to identify and extract copper and other critical minerals essential for the global energy transition. Under the proposed structure, Maaden will hold a 51% stake, while Saudi Aramco will hold 49%. The agreement combines Aramco’s geoscientific data and technological capabilities with Maaden’s operational expertise in mining.

The formation of the joint venture is subject to necessary corporate and regulatory approvals. Following the announcement, Maaden's stock saw a positive movement on the Saudi Exchange.