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Saudi Aramco, Ma'aden to Form Mineral Exploration JV in Saudi Arabia

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Saudi Arabian Oil Co (SASE:2222), d/b/a Saudi Aramco, and Saudi Arabian Mining Co (SASE:1211), d/b/a Ma'aden, agreed to establish a joint venture for mineral exploration and hard-rock mining in Saudi Arabia.

The joint venture will target exploration across the 182,000-square-kilometer Zone-4 area, also known as the Transition Zone, within the Arabian Platform, targeting areas most likely to hold copper and valuable minerals, according to a Tuesday release.

Under the shareholders' agreement, state-run oil giant Aramco will own 49% of the joint venture, with the remaining 51% to be held by commodity mining and metals company Ma'aden.

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