Saudi Arabian Mining Company (Maaden) has announced that it has entered into a shareholders’ agreement with leading Australian group Midana Exploration Private Limited (Hancock) for the establishment of a new joint venture that will conduct mineral exploration, development and mining in licensed areas in the kingdom of Saudi Arabia.

This follows the recent successful bid for exploration licences by the Saudi Ministry of Industry and Mineral Resources (MIMR) across three new mineral belts in the Nabita Ad Duwayhi Gold-Belt of the kingdom, covering a total area of over 24,000 sq km, said Maaden in a statement. 

As per the deal, Maaden will own 50.1% of the capital of the new joint venture, whilst Hancock will own the rest of 49.9% of its share capital.

The scope of work for the new JV includes exploration, development, mining, sales and marketing of minerals in licensed areas in the kingdom, it stated.

The effectiveness of the shareholders’ agreements and the incorporation of the JV is conditional upon the satisfaction or waiver of certain condition precedent including but not limited to obtaining all the required corporate, regulatory approvals and antitrust clearance, it added.

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