State oil giant Saudi Aramco and Saudi mining company Maaden plan to form a joint venture that will focus on mineral exploration and hard-rock mining in the kingdom, they said on Tuesday, reports Reuters.
Exploration will mainly focus on copper, alongside other energy transition minerals such as zinc, lead and rare earth elements. Activities will take place in an area of about 182,000 sq km, equivalent to nearly 10% of Saudi Arabia’s total land area. The joint venture is expected to be 51% owned by Maaden and 49% by Aramco.
Saudi Arabia is working to secure critical minerals such as copper and lithium, essential for electric vehicles and renewable energy. Mining is one of the sectors the kingdom is betting on to reduce its reliance on hydrocarbon revenue.