Hancock Prospecting, Maaden enter JV to ramp up exploration in Saudi Arabia

[Ben Graham]

Australia’s Hancock Prospecting and Saudi Arabian state miner Maaden last month entered into a joint venture (JV) to accelerate exploration efforts in the Kingdom, and celebrated at a Round 9 licence award ceremony at the Future Minerals Forum in Riyadh on January 14.

The JV will oversee exploration, development, mining, sales and marketing of minerals in licensed areas in Saudi Arabia, including the recent successful bid for five exploration licenses in the Nabita Ad-Duwayhi Gold-Belt. 

“We are excited by the Kingdom’s ambition to build a world leading mining industry outlined in its “Vision 2030” and well reflected in its pro mining policies,” Hancock Prospecting Executive Chairman Gina Rinehart said in a news release.  

“Our company group brings substantial experience across exploration, project development and operations, including the rare distinction of building the $10 billion mega Roy project both on time and on budget,” Rinehart said. “In Australia we strive to be the best mining company. We will also be working in Saudi Arabia with great enthusiasm.” 

Deals have been on Saudi Arabia’s radar for a while as it pushes through with an ambitious economic transformation plan.  

“We have been actively ramping up our exploration efforts across the Kingdom. Working in partnership with Hancock, this program will speed up discovery,” Maaden CEO Bob Wilt said.

“It also ensures we can build, develop and operate at pace and scale, all while developing a talent pipeline and a global mineral hub.”