Aramco and Ma'aden form joint venture for mining
Saudi Aramco announced the signing of an agreement with Saudi Arabian Mining Company "Ma'aden" to establish a joint venture focused on exploring and mining critical minerals in the energy transition sector, particularly copper and other related minerals. The project will be located in the Al-Rub' Al-Khali region, which spans approximately 182,000 square kilometers and accounts for 10% of the Kingdom's territory. The aim is to accelerate mineral discovery efforts by leveraging advanced technologies such as artificial intelligence and high-performance computing. This investment targets minerals expected to reach a market value of over $400 billion by 2035, with a primary focus on copper, which makes up more than 20% of the mineral market, along with the development of other minerals like zinc and lead. The transformative region presents a significant opportunity for the Kingdom to strengthen its position in the mineral market and enhance its global value chain, in alignment with all necessary regulatory approvals.
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