Amanze Chinonye
Saudi Arabian oil giant Aramco and mining company Ma’aden have agreed to establish a joint venture to explore for copper, zinc, lead and rare-earth elements across about 182,000 square kilometres, as the kingdom seeks to expand its mining sector and diversify its economy beyond oil.
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The companies signed a shareholders’ agreement on Tuesday, August 18, 2026 for the venture, which will focus primarily on copper exploration in an area known as Zone 4, or the Transition Zone, within the Arabian Platform.
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Ma’aden will hold a 51% stake in the venture, while Aramco will own 49%, subject to regulatory and other approvals.
The exploration area covers nearly 10% of Saudi Arabia’s landmass and stretches along a roughly 100-km-wide zone parallel to the Arabian Shield.
The venture will combine Ma’aden’s mining and exploration expertise with Aramco’s geological and geophysical data, accumulated through more than nine decades of oil and gas operations.
The companies also plan to use artificial intelligence, advanced computational algorithms and high-performance computing to identify areas with potential mineral deposits.
Copper is the venture’s main target. The metal is widely used in power grids, electric vehicles, renewable-energy infrastructure and energy-storage systems, making new sources of supply increasingly important as countries accelerate electrification.
Saudi Arabia has identified mining as a key pillar of its Vision 2030 economic diversification strategy. The kingdom estimates that its mineral resources are worth about $2.5 trillion, although that figure represents an estimated mineral endowment rather than proven economically recoverable reserves.
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The Aramco-Ma’aden venture is part of a broader Saudi effort to build a domestic mining industry and develop downstream processing capabilities.
The push could increase competition with African mineral producers for investment and processing capacity, particularly as countries such as the Democratic Republic of Congo and Zambia seek to attract capital to expand copper production and move further into refining and processing.
Saudi Arabia could also become an important source of capital for African mining projects. The kingdom has been expanding its international mining investments as it seeks access to strategic minerals and greater influence over global supply chains.
For now, however, the Aramco-Ma’aden agreement marks an exploration programme rather than a commitment to commercial production. The scale and economic significance of the venture will depend on whether exploration identifies deposits that can be developed profitably.
The initiative nevertheless underlines Riyadh’s ambition to establish itself as a player in critical minerals, a sector expected to become increasingly important as the global economy shifts towards electrification and lower-carbon technologies.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
