Maaden signs deal with Hancock to accelerate exploration in Saudi Arabia

Maaden, Hancock JV to conduct exploration, mining and sales for minerals in licensed areas across Saudi Arabia

Saudi Arabian Mining Co. (Maaden) and Midana Exploration Pty Ltd (Hancock) signed, on Dec. 29, a partners’ agreement to accelerate mineral exploration efforts in Saudi Arabia.

In a Tadawul filing, Maaden said it will hold 50.1% of the joint venture’s capital, while Hancock will hold the remaining 49.9%.

The joint venture will conduct exploration, development, mining, sales, and marketing activities for minerals in licensed areas across the Kingdom.

The project will initially focus on exploration in the Nabitah Ad-Duwayhi Gold-Belt, followed by the award of three new exploration licenses from the Ministry of Industry and Mineral Resources, covering an area exceeding 24,000 square kilometers within the belt.

The joint venture’s capital is set at $5 million, and its budget will be determined continuously based on the business plan, including exploration, development, and mining activities.

The company noted that the effectiveness of the partners’ agreements and the establishment of the joint venture are subject to the fulfillment or waiver of certain conditions, including obtaining all required regulatory and internal approvals and relevant competition law approvals.