Ma'aden shareholders back SAR 197.5 million mining venture with Aramco
Ma'aden shareholders approved a joint venture with Aramco to develop Arabian Shield mineral wealth.
· Last verified: 15 Oct 2026 (Saudi Exchange (Ma'aden issuer disclosure))
Summary
- Ma'aden shareholders approved a joint venture with Aramco to develop Arabian Shield mineral wealth.
- Initial paid-up capital is set at SAR 197,500,000, with no preferential terms attached.
- The deal puts the state oil producer directly into Saudi mining exploration and development.
The latest
Saudi Arabian Mining Company (Ma'aden) shareholders approved a shareholders' agreement establishing a joint venture with Saudi Aramco to develop and exploit mineral resources in the Arabian Shield, according to a Ma'aden disclosure on the Saudi Exchange dated 15/10/2026. The new company starts with paid-up capital of SAR 197,500,000. The item passed with 99.46093% of votes in favour.
Details
- The structure: The venture pairs Ma'aden Gold and Base Metals Holding Company, wholly owned by Ma'aden, with Saudi Aramco Development Company, wholly owned by Aramco, according to the disclosure. Both partners enter through wholly owned subsidiaries rather than at parent-company level.
- The number: Initial paid-up capital stands at SAR 197,500,000, per the filing. The disclosure states the agreement carries no preferential terms, meaning neither shareholder secured conditions outside the standard commercial arrangement set out in the agreement.
- The mandate: The stated purpose is developing and exploiting mineral wealth in the Arabian Shield, the Precambrian rock formation covering western Saudi Arabia that hosts the kingdom's gold and base-metals deposits. The filing did not set out an exploration timetable or target sites.
- Related-party flag: The agreement was classified as a transaction in which two board members hold an indirect interest: Yasir Othman Al-Rumayyan, as chairman of Aramco's board, and Mohammed Yahya Al-Qahtani, as a senior Aramco executive, according to the disclosure.
- The vote: Shareholders backed the item with 99.46093% in favour, 0.00085% against and 0.53822% abstaining, the filing said. The margin leaves effectively no organised shareholder resistance to Aramco entering Ma'aden's upstream mining business.
- Board renewed: The same ordinary general assembly elected eleven directors for a term running from 25/10/2026 to 24/10/2029, per the disclosure. Named members include Yasir Othman Al-Rumayyan, Khalid Saleh Al-Mudaifer, Ahmed Abdulaziz Al-Hoqbani and Robert Wilt.
- Governance overlap: Al-Rumayyan sits on Ma'aden's board while chairing Aramco, placing the same director on both sides of the venture's ownership chain — the reason the item required a related-party classification and a separate shareholder vote.
- Disclosure route: The announcement was filed as an issuer disclosure on the Saudi Exchange, the channel listed companies use for shareholder decisions and related-party agreements. No implementation date for the new company's launch was announced.
Background
Ma'aden is the kingdom's flagship mining company and operates gold and base-metals assets through dedicated subsidiaries. Aramco's core business is oil and gas, making a mining joint venture an entry outside its established upstream and downstream operations.
Between the lines
The two partners entering through wholly owned subsidiaries, with capital set at SAR 197.5 million and no preferential terms, points to a vehicle structured for staged expansion rather than a one-off asset purchase. The related-party classification and the near-unanimous vote suggest the arrangement was settled at board level before reaching shareholders.
What's next
The new board term begins 25/10/2026. Watch for Ma'aden filings naming the joint venture's licensed exploration areas, its management structure, and any capital increase beyond the initial SAR 197,500,000.