Aramco-Maaden Venture Aims to Tap Saudi Arabia's $2.5 Trillion Mineral Wealth

Saudi Arabia's state-owned oil company Aramco has partnered with Saudi Arabian Mining Company (Maaden) to explore and produce critical minerals in the kingdom. The joint venture will focus on a 182,000-square kilometre zone known as the Transition Zone, or Zone 4, which is believed to contain deposits of gold, silver, copper, zinc, lead, chromium, nickel, tantalum, niobium, and rare earths.

The partnership aims to accelerate mineral discovery at low cost by leveraging Aramco's 90 years of geological data, combined with AI and high-performance computing. Maaden will hold a 51 per cent stake in the venture, while Aramco will own 49 per cent. The deal is subject to regulatory approvals.

Saudi Arabia estimates its mineral wealth at $2.5 trillion and aims to become a global supplier of critical minerals. The country's mining strategy is a key pillar of its Vision 2030 economic diversification plan, which seeks to increase the sector's economic contribution to 240 billion Saudi riyals ($64 billion) by 2030.