Saudi Arabian Mining Company (Maaden) has signed a shareholders’ agreement with Australia’s Midana Exploration Private Limited (Hancock) to form a new joint venture focused on mineral exploration and mining in Saudi Arabia, according to a company statement by Maaden.
The partnership follows Maaden’s recent success in securing exploration licences from the Saudi Ministry of Industry and Mineral Resources for three mineral belts within the Nabita Ad Duwayhi Gold-Belt, covering more than 24,000 sq km, according to Maaden.
Under the agreement, Maaden will hold 50.1% of the joint venture, while Hancock will own 49.9% of the share capital, according to Maaden. The venture’s mandate includes the exploration, development, extraction, and the sales and marketing of minerals within the licensed areas in the kingdom.
The launch of the joint venture remains subject to several conditions, including corporate and regulatory approvals and antitrust clearance, which must be obtained or waived before the agreement becomes fully effective, Maaden stated.
