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Aramco and Ma'aden Join for Mining Venture
My company, Saudi Aramco, and Ma’aden have signed an agreement to establish a joint venture aimed at exploring and mining minerals, especially copper and other critical minerals for energy transition, in the Rih Arab region of the Kingdom. The project focuses on exploring an area measuring approximately 182,000 square kilometers. Aramco brings expertise in geological data, while Ma’aden specializes in exploration. It is expected that Ma’aden will own 51% of the project, with Aramco holding 49%. The goal is to accelerate mineral discovery through artificial intelligence technologies and high-performance computing to support the energy sector’s transformation and enhance the Kingdom’s role in the global minerals market. The project emphasizes critical minerals such as copper, zinc, lead, and rare earth elements, and is anticipated to contribute to meeting the growing demand for transitional minerals, which is valued at around $1.2 trillion. The market value of copper alone exceeds $250 billion, with projections to grow to more than $400 billion by 2035.
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