Saudi Aramco and mining company Maaden have signed a shareholders’ agreement to establish a joint venture for mineral exploration and hard-rock mining in Saudi Arabia. The companies first disclosed plans for the partnership in January 2025. Maaden is expected to own 51 per cent of the venture, while Aramco will hold the remaining 49 per cent.

The proposed company will focus mainly on copper, as well as zinc, lead, rare earth elements and other minerals used in energy-transition industries. Exploration is planned across Zone-4, also known as the Transition Zone, within the Arabian Platform. The area covers about 182,000 square kilometres, equal to nearly 10 per cent of Saudi Arabia’s land area, and runs through a zone about 100 kilometres wide alongside the Arabian Shield.

The venture would combine Aramco’s geological and geophysical records, high-performance computing and artificial intelligence tools with Maaden’s experience in exploration and mine development. Aramco said it has collected and analysed subsurface information in the Kingdom for more than 90 years. The companies expect these capabilities to help identify promising targets and shorten the work needed to move from regional screening to possible discoveries.

Copper is widely used in electric vehicles, power networks, energy storage and renewable-energy systems. Aramco said copper accounts for more than 20 per cent of the $1.2 trillion mined-metals market, with its own market value expected to rise from about $250 billion to more than $400 billion by 2035. The agreement and formal incorporation of the venture remain subject to corporate, regulatory and competition approvals.