Riyadh - Sharikat Mubasher: Aramco, one of the world’s leading integrated energy and chemicals companies, and the Saudi state-owned mining company Ma’aden signed a non-binding Heads of Terms, which envisages the formation of a minerals exploration and mining joint venture (JV) in Saudi Arabia.
The proposed JV will focus on energy transition minerals, including extracting lithium from high-concentration deposits and advancing cost-effective direct lithium extraction (DLE) technologies, Aramco revealed in a statement today.
The planned JV was announced during the fourth edition of the Future Mineral Forum which takes place in Riyadh from 14 to 16 January under the theme ‘The Year of Impact’.
The JV is expected to extend Aramco’s capabilities into an adjacent sector, leveraging its technological innovation and skills in resource and data management. It aims to unlock the potential of the Kingdom’s high-value mineral resources, to help meet the growing demand for lithium and other transition minerals domestically and globally.
Nasir Al-Naimi, Aramco Upstream President, said: “This announcement reflects Aramco's focus on positively contributing to the global energy transition. The proposed JV will enable the extraction of energy transition minerals, contributing meaningfully to the growth of more sustainable energy solutions while diversifying our portfolio for a lower-carbon future.”
He explained that the partnership will leverage the world’s leading upstream enterprise to apply significant low-cost advantages, industry experience, technological innovation, accumulated subsurface knowledge, and an integrated supply chain ecosystem.
For his part, Darryl Clark, Senior Vice President of Exploration at Ma’aden, stated that the proposed JV will enable the company to accelerate exploration of the Arabian Platform, combining Aramco’s vast knowledge of the area with Ma’aden’s extensive mining and exploration expertise.
Moreover, the JV is expected to benefit from Aramco’s significant expertise and operations, including the use of existing infrastructure, industry-leading drilling operations, and more than 90 years of geological data in its area of operations.
