Saudi Arabia's state oil company, Saudi Arabian Oil Co. (Saudi Aramco), and the mining company Saudi Arabian Mining Co. (Maaden) have agreed to establish a joint venture for metal exploration and extraction in the kingdom.
According to a joint press release from the companies, 51% of the new joint venture will be owned by Maaden, while the remaining 49% will belong to Aramco. It will focus on exploring for minerals in the so-called 'Zone 4' of the Arabian platform. The area covers approximately 182,000 square kilometers, nearly 10% of the country's total area.
The main goal of the joint venture will be the exploration and extraction of copper. The companies estimate that copper accounts for over 20% of the global metals market, valued at approximately $1.2 trillion. The joint venture will also seek deposits of zinc, lead, and rare earth metals.
