Aramco, one of the world’s leading integrated energy and chemicals companies, and Maaden, one of the world’s fastest‑growing mining companies, have signed a shareholders’ agreement to establish a joint venture (JV) focused on mineral exploration and hard-rock mining in Saudi Arabia, with copper and other energy transition minerals as key targets, according to a statement by Aramco.

The JV, expected to be owned 51% by Maaden and 49% by Aramco, would conduct exploration across Zone-4, also known as the Transition Zone, within the Arabian Platform. Covering approximately 182,000 square kilometers, the zone represents nearly 10% of Saudi Arabia’s total land area and extends along a 100-kilometer-wide area parallel to the Arabian Shield. Plans to establish the JV were first announced in January 2025.

The partnership will combine Aramco’s subsurface expertise, advanced artificial intelligence (AI) tools, and high-performance computing capabilities with Maaden’s mining and mineral exploration expertise.

Copper will be a primary exploration target due to its growing importance in electric vehicles, power networks, energy storage, and renewable energy systems. The JV will also explore for other critical minerals, including zinc, lead, and rare earth elements.

The copper market is currently valued at around $250 billion and is projected to exceed $400 billion by 2035. Copper accounts for more than 20% of the $1.2 trillion global mined metals market.

Using advanced computational algorithms, artificial intelligence (AI), and high-performance computing, the JV aims to identify areas with the highest potential for copper and other valuable minerals, accelerating the process from regional screening to target definition and discovery.

The partnership is expected to support the long-term development of Saudi Arabia’s mining sector, strengthen the Kingdom’s position in the global minerals value chain, and help meet rising demand for energy transition minerals.

The effectiveness of the shareholders’ agreement and incorporation of the JV remain subject to certain conditions precedent, including the required corporate and regulatory approvals and antitrust clearance.