Saudi Aramco and Ma’aden Plan Zone-4 JV for Copper, Zinc and Lead Exploration

Published: Aug 20, 2026 10:12

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Saudi Aramco and Saudi Arabian Mining Co. (Ma’aden) have signed a shareholders’ agreement to form a joint venture for copper exploration and hard-rock mining across approximately 182,000 square kilometres of Saudi Arabia’s Zone-4. Ma’aden will hold 51% and Aramco 49%. Copper is the primary exploration target, with zinc, lead, rare earth elements and other minerals included in the broader target portfolio.

The agreement remains subject to corporate, regulatory and antitrust approvals. Aramco will contribute roughly 90 years of subsurface data, computing resources and AI/ML tools, while Ma’aden will provide mining, exploration and operating expertise. No capital commitment, exploration budget, drilling programme, resource estimate or timetable has been disclosed; the venture remains an early-stage exploration platform rather than evidence of an economic copper, zinc or lead discovery.

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