Saudi Mining Expansion: Aramco, Ma’aden Join Forces in Multi-Billion Dollar Mineral Push

Saudi Arabia’s energy and chemical giant Aramco and Saudi Arabian Mining Company (Ma’aden) have signed a shareholders’ agreement to establish a joint venture aimed at opening new opportunities for mineral exploration and hard-rock mining in the Kingdom.

Why it matters: Saudi Arabia wants mining to stand alongside oil and petrochemicals as a pillar of its economy. However, the Kingdom currently imports most of the copper it needs, so this venture could change that equation and feed a global market hungry for transition metals.

A New Frontier for Exploration

The two companies signed a shareholders’ agreement to formally launch the joint venture, first announced in January 2025. Ma’aden will hold 51% of the venture, while Aramco holds 49%. Consequently, the partnership will target Zone 4, also called the Transitional Zone, within the Arabian Shelf.

This zone spans roughly 182,000 square kilometers, or about 10% of the Kingdom’s total land area, running along a 100-kilometer-wide belt parallel to the Arabian Shield. Because of that, geologists consider it one of Saudi Arabia’s most promising untapped mineral frontiers.

Saleh Mohammed Al-Saleh, Aramco’s vice president for transitional minerals, said the company has spent more than 90 years gathering the largest set of geological and geophysical data ever compiled for a single basin in the Kingdom. As a result, the venture can draw on that archive to locate minerals faster within the project area.

Meanwhile, Darryl Clark, Ma’aden’s executive vice president for exploration, said combining Ma’aden’s exploration know-how with Aramco’s deep knowledge of the Arabian Shelf will let the partners “move faster, explore smarter” and uncover mineral opportunities that support the energy transition. He added that the venture pushes both companies’ ambitions “to new horizons.”

Copper, essential for electric vehicles, power grids, energy storage and renewable systems, will anchor the venture’s work. The partners also plan to explore for zinc, lead and rare earth elements, which they expect will become vital to future industries. By applying artificial intelligence and high-performance computing to Aramco’s historic data, the venture aims to zero in on the most promising sites and move quickly from regional screening to targeted discovery.

The agreement still requires customary conditions, including internal and regulatory approvals and antitrust clearance, before it takes full effect.

Riyadh’s Broader Mining Ambitions

This venture builds on an earlier deal: in January 2025, Aramco and Ma’aden signed heads of terms for a separate lithium-focused venture, targeting commercial production by 2027. Together, the moves reflect a broader strategy. Vision 2030 designates mining as the Kingdom’s third economic pillar, alongside oil and petrochemicals, and Saudi officials estimate the country’s untapped mineral wealth at roughly SAR 9.4 trillion ($2.5 trillion).

To attract investors, Riyadh cut its mining tax rate from 45% to 20% under a new mining investment law. Consequently, exploration spending has surged: the Kingdom’s minesite exploration budget grew nearly sevenfold, from $21 million (SAR 79 million) in 2022 to $146 million (SAR 548 million) in 2025, according to S&P Global Market Intelligence. The number of projects drilled nationwide also jumped, from 58 in 2023 to 160 in 2024.

By the numbers:

• 182,000 sq km: planned exploration area, or nearly 10% of Saudi Arabia.
• SAR 9.4 trillion ($2.5 trillion): estimated value of the Kingdom’s mineral resources.
• 45+: identified minerals, including gold, zinc and uranium.
• SAR 682.5 million ($182 million): exploration incentives launched by the Kingdom.
• SAR 937.5 billion ($250 billion): current estimated value of the global copper market; analysts expect it to exceed SAR 1.5 trillion ($400 billion) by 2035.

Reforms to Build a Full Mining Value Chain

Saudi Arabia treats mining as the third pillar of its national economy, alongside oil and petrochemicals. Under Vision 2030, the Kingdom introduced a mining investment law, expanded geological surveys and improved digital licensing through Ta’adeen. The strategy also seeks to attract foreign capital, develop local skills and connect mines with processing and manufacturing.

Moreover, the Kingdom cut the mining tax rate from 45% to 20% under its investment reforms. It also launched incentives worth up to SAR 685 million ($182 million). Eligible exploration licenses under five years old can receive up to SAR 7.5 million ($2 million) each, subject to program rules.

Saudi Arabia has also built financing support around the sector. The Saudi Industrial Development Fund finances up to 75% of eligible advanced exploration and mining-project costs, according to the Saudi Press Agency (SPA). Meanwhile, the national geological survey and improved transport links aim to reduce exploration risk and strengthen domestic supply chains.

Together, these measures show why Riyadh is pursuing mining as a long-term economic platform. The Aramco-Maaden venture now adds advanced data, AI and industrial expertise to that effort. It could help the Kingdom move from identifying mineral resources to developing commercially viable projects and higher-value downstream industries.

What’s next: Once approvals clear, the venture will begin targeting exploration across Zone 4, adding to a pipeline that already includes Ma’aden’s separate copper-and-gold ventures with Ivanhoe Electric and Barrick Gold. Together, these partnerships signal that Saudi Arabia intends to move from mapping its mineral wealth to mining it.