Saudi Arabia's Oil Giant, Maaden Team Up for Massive Mineral Hunt

Saudi Arabia's State oil giant Saudi Aramco and mining company Maaden are teaming up to form a joint venture focused on mineral exploration in the kingdom. The new venture will target copper, zinc, lead, rare earth elements, and other energy transition minerals essential for electric vehicles and renewable energy.

The area of focus is massive, about 182,000 sq km, which is roughly 10% of Saudi Arabia's total land area. This joint venture aims to secure critical minerals needed for the kingdom's transition away from hydrocarbon revenue.

Maaden will own 51% of the new venture, while Aramco will hold a 49% stake. The partnership signals Saudi Arabia's commitment to mining as a sector to reduce its reliance on oil and gas revenue.