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Saudi Arabian Mining Company (Maaden) plans to set up a joint venture with Midana Exploration Pay Ltd (Hancock) to focus on exploration, development, mining and sale of minerals in licensed areas across the kingdom.
The JV will have an initial share capital of $5 million. Maaden will hold 50.1% of the JV’s share capital, while Hancock will own 49.9%.
Australia's Hancock Prospecting, through its subsidiary Midana Exploration won licenses to operate in three new mineral belts in the Nabita Ad-Duwayhi region, spanning a total area of over 24,000 sq km.
State-owned Maaden said incorporation of the JV is conditional upon obtaining all required corporate and regulatory approvals, including antitrust clearance.
(Writing by Brinda Darasha; editing by Seban Scaria)
