Aramco and Maaden Team Up for Saudi Mineral Exploration

Saudi Arabia's State oil giant Saudi Aramco and mining company Maaden plan to form a joint venture for mineral exploration and hard-rock mining in the kingdom. The partnership will focus on copper, as well as other energy transition minerals such as zinc, lead, and rare earth elements.

The exploration activities will take place in an area of approximately 182,000 square kilometers, which is roughly 10% of Saudi Arabia's total land area. The joint venture is expected to be owned 51% by Maaden and 49% by Aramco.

Saudi Arabia aims to secure critical minerals like copper and lithium, essential for electric vehicles and renewable energy. This move comes as the kingdom seeks to reduce its reliance on hydrocarbon revenue through various sectors, including mining.