Aramco-Ma’aden venture to boost mineral transformation 
Saudi Aramco has recently announced plans for a transition minerals joint venture with Saudi Arabian Mining Co., or Ma’aden.
The proposed venture is expected to expand Aramco’s capabilities into an adjacent sector, leveraging its technological innovation and expertise in resource and data management.
It will also aim to unlock the potential of the Kingdom’s high-value critical mineral resources, such as lithium, to meet the growing demand for transition minerals both domestically and globally.
The joint venture will further use natural resources by harnessing subsurface data and emerging technologies to support the Kingdom’s economic diversification and energy goals.
The collaboration between Aramco and Ma’aden will also capitalize on Aramco’s extensive geoscience data, digital capabilities, subsurface knowledge and decades of mining expertise, alongside Ma’aden’s own expertise.
The signing of the non-binding terms agreement between Aramco and Ma’aden includes the formation of a company to explore minerals in Saudi Arabia.
The proposed joint venture will focus on transition minerals in the energy sector, including the extraction of lithium from high-concentration deposits and the advancement of cost-effective direct lithium extraction.
The cooperation could begin commercial production of lithium by 2027, supported by Aramco’s identification of promising lithium concentrations exceeding 400 parts per million in its current operating area.
Aramco is one of the world’s leading integrated energy and chemicals companies, and Ma’aden is the largest multi-commodity mining and metals company in the MENA region.
Aramco Upstream President Nasir Al-Naimi said that this announcement reflected Aramco’s focus on positively contributing to the global energy transition.
The proposed venture would enable the extraction of energy transition minerals, contributing to the growth of more sustainable energy solutions while diversifying Aramco’s portfolio for a lower-carbon future, he added.
Ma’aden Senior Vice President of Exploration Darryl Clark said that Ma’aden had been undertaking one of the world’s largest single-jurisdiction exploration programs across the Arabian Shield to unearth the estimated $2.5 trillion mineral endowment.
The proposed venture would enable it to accelerate exploration of the Arabian Platform, combining Aramco’s knowledge of the area with Ma’aden’s extensive mining and exploration expertise, he added.
It is believed that the partnership between Aramco and Ma’aden will leverage the world’s leading upstream enterprise to apply significant low-cost advantages, industry experience, technological innovation, accumulated subsurface knowledge and an integrated supply chain ecosystem with the goal of meeting the Kingdom’s and potentially the world’s projected lithium demand.
It will also support the Saudi government’s efforts to develop the Kingdom’s rich mineral resources as part of its broader strategy to diversify the economy and reduce reliance on oil revenues, in line with Saudi Arabia's Vision 2030.
• Talat Zaki Hafiz is an economist and financial analyst. X: @TalatHafiz
