State-owned companies to explore critical resources.
Saudi energy company Aramco and mining company Ma’aden have signed an agreement to establish a joint venture for mineral exploration. The initial focus will be on copper, while zinc, lead and rare earths will also be explored. The area to be surveyed covers around 182,000 square kilometres, equivalent to almost ten percent of Saudi Arabia’s total land area. Both state-owned companies will contribute their respective expertise: Aramco will provide its extensive knowledge of the subsurface as well as AI-powered analytical and computing capabilities, while Ma’aden will contribute its experience in mineral exploration and mining.
The initiative is part of the Vision 2030 reform strategy unveiled in 2016, through which the Kingdom aims to diversify its economy and reduce its dependence on the oil industry. Mining plays a central role in this strategy and is intended to become another key pillar of the Saudi economy.
Photo: iStock/MOHAMED HUSSAIN YOUNIS
