Aramco and Maaden Join Forces on Saudi Copper Mining Venture

Saudi Arabian Mining Company (Maaden) and Saudi Aramco have taken another step in forming a joint venture to expand Saudi Arabia's exposure to copper and other minerals crucial for the energy transition. The companies signed a shareholders' agreement, with Maaden owning 51% of the proposed venture and Aramco holding 49%. This move follows an initial non-binding agreement in January 2025.

The joint venture will focus on exploring the roughly 182,000-square-kilometer Zone-4, or Transition Zone, within the Arabian Platform. The area accounts for nearly 10% of Saudi Arabia's landmass and is rich in copper, zinc, lead, and rare earth elements. Copper demand is expected to grow as electricity grids, renewable power installations, energy storage, and electric vehicles expand globally.

Aramco plans to utilize its decades-long geological and geophysical data from oil and gas operations to aid in the mineral exploration process. The company will also bring artificial intelligence, high-performance computing, and subsurface modeling capabilities to quickly identify potential mineral deposits. This collaboration aims to combine Maaden's expertise with Aramco's resources to tap into Saudi Arabia's estimated $2.5 trillion mineral endowment.

The project aligns with Saudi Arabia's efforts to develop mining as a significant pillar of its economy and establish domestic supply chains for metals needed in power infrastructure and energy-transition technologies. For Aramco, the venture represents an opportunity to broaden its involvement beyond hydrocarbons while applying its capabilities developed through decades of oil and gas exploration.