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Aramco and Ma'aden form hard rock JV
Saudi Aramco and Maaden announced the signing of a shareholders' agreement to establish a joint venture focused on exploring and mining minerals, particularly copper and other critical metals for the energy transition in the Kingdom. The project will concentrate on the Transformational Region in the Rawabi area, spanning approximately 182,000 square kilometers, which accounts for about 10% of Saudi Arabia's landmass, aiming to accelerate mineral discovery and exploitation efficiently through artificial intelligence and high-performance computing technologies. The initiative aims to support renewable energy and electric transportation industries, with copper being one of the primary minerals expected to benefit the global market. The copper market is projected to grow from its current value of $250 billion to over $400 billion by 2035. Maaden is expected to hold a 51% stake in the project, while Saudi Aramco will hold 49%. The implementation of this agreement is subject to regulatory approvals, and the project is designed to strengthen the Kingdom’s role in the mineral value chain and achieve energy transition goals both locally and globally.
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