Saudi Arabian Mining Co. (Maaden) and Australia-based Midana Exploration Pty Ltd, part of Hancock Prospecting, have formed a joint venture to accelerate mineral exploration across Saudi Arabia, with initial work set to target the Nabita–Ad-Duwayhi Gold Belt after winning exploration licenses from the Ministry of Industry and Mineral Resources.
The venture’s scope includes exploration, development and mining, as well as the sale and marketing of minerals in licensed areas © Mena Today
Saudi Arabian Mining Co. (Maaden) and Australia-based Midana Exploration Pty Ltd, part of Hancock Prospecting, have formed a joint venture to accelerate mineral exploration across Saudi Arabia, with initial work set to target the Nabita–Ad-Duwayhi Gold Belt after winning exploration licenses from the Ministry of Industry and Mineral Resources.
The licensed areas cover more than 24,000 square kilometers of mineral-rich territory, according to the regulatory disclosure.
Under the shareholders’ agreement signed Dec. 29, Maaden will own 50.1% of the joint venture and Hancock will hold 49.9%, the company said in a Tadawul filing.
The venture’s scope includes exploration, development and mining, as well as the sale and marketing of minerals in licensed areas. It will start with $5 million in initial share capital and will approve budgets and business plans for its operations on an ongoing basis.
The transaction remains subject to regulatory and antitrust approvals, the filing said, and no related parties were identified.
The partnership comes as Saudi Arabia intensifies efforts to expand mining under Vision 2030, seeking to draw in international partners and private investment to develop the Kingdom’s mineral potential. Authorities have accelerated licensing rounds and increased incentives to boost geological mapping and downstream development.
Gold’s surge adds a powerful tailwind
The timing also aligns with a blockbuster gold market that is strengthening the case for exploration spending globally.
Gold has been trading near record highs after a sharp rally through 2025, supported by expectations of easier monetary policy, persistent geopolitical risk, and steady demand from central banks and institutional investors.
In bullish markets, higher prices can materially improve the economics of new discoveries: deposits that looked marginal at lower prices can become viable, and companies are often more willing to fund drilling programs and fast-track promising targets.
That backdrop could prove especially supportive for a large, early-stage license package such as the Nabita–Ad-Duwayhi belt, where initial success can rapidly expand exploration scope and speed the path to development decisions.
Saudi Arabia has ramped up exploration activity in recent years, with spending rising to SR487 per square meter, more than double the Vision 2030 target — and total exploration expenditures in 2024 exceeding SR1.05 billion, supported by government and private-sector funding.
HSBC in the UAE has become the first market in the bank's global network to launch an upgrade to its Global Money Account, a fully integrated multi-currency account and debit card designed for the way international customers live, earn, travel and support family across borders.
Iran has sufficient foreign currency reserves despite U.S. sanctions, Central Bank Governor Abdolnaser Hemmati said on Tuesday, after U.S. Treasury Secretary Scott Bessent said Tehran was lashing out because it was losing the economic war.
Saudi Arabia, Turkey and Pakistan agreed to establish a secretariat in Saudi Arabia under their Mecca joint defence agreement, which will initially be headed by a Pakistani secretary-general for three years, the three countries said in a joint statement on Monday.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.
