Saudi Aramco, Ma’aden plan transition minerals JV

RIYADH, January 15, 2025 – Saudi state-run players Aramco and Ma’aden are discussing a transition minerals joint venture, Aramco announced on Wednesday.

The JV proposed under a non-binding agreement would focus on the extraction of energy transition minerals, including extracting lithium from high-concentration deposits and advancing cost-effective direct lithium extraction (DLE) technologies.

Aramco said that if the deal goes ahead, commercial lithium production could commence by 2027.

The proposed JV was unveiled during the Future Minerals Forum, taking place in Riyadh this week.

“We expect that this 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, with a view to meeting the Kingdom and potentially the world’s projected lithium demand,” Aramco upstream president Nasir K. Al-Naimi said.

Mining and metals player Ma’aden ranks as the largest multi-commodity mining and metals company in the MENA region and is focused on developing the Saudi mining sector as part of the country’s economic diversification drive. It took in USD 7.12 billion in revenues in 2023.

“Ma’aden has been undertaking one of the world’s largest single-jurisdiction exploration programs across the Arabian Shield, to unearth the estimated USD 2.5-trillion mineral endowment,” Ma’aden senior vice-president of exploration Darryl Clark said.

“This proposed JV would enable us to accelerate exploration of the Arabian Platform, combining Aramco’s vast knowledge of the area with Ma’aden’s extensive mining and exploration expertise.”

Photo of Nasir K. Al-Naimi courtesy of Aramco

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