By: Discovery Alert

The Saudi Arabian Mining Company (Maaden) and Australian mining firm Hancock have formed a strategic joint venture to explore the Nabitah Ad Duwayhi gold belt, marking a significant cross-border alliance in resource development. Under the agreement, Maaden holds a 50.1% controlling interest, ensuring sovereign oversight, while Hancock retains a 49.9% stake, contributing technical expertise and operational management. This near-equal ownership structure supports shared risk and decision-making while aligning with Saudi Arabia’s Vision 2030 objectives to diversify its economy through mining.

The partnership will initially invest $5 million to assess three mineral belts across a 24,000-square-kilometer licensed area in the Arabian Shield—a region with proven gold mineralization and untapped base metal potential. The phased exploration approach includes geological mapping, geochemical sampling, geophysical surveys, and drilling, reflecting industry-standard practices for systematic resource evaluation.

For Saudi Arabia, the collaboration advances its strategy to attract foreign investment, transfer mining technology, and develop local workforce capabilities. For Hancock, it represents a strategic entry into the Middle East with reduced political and regulatory risk through a government-backed partnership. The venture also benefits from existing infrastructure, including transportation networks and power grids, lowering typical frontier exploration costs.

If exploration proves successful, the partnership could progress to development phases requiring significantly higher capital, with production scenarios ranging from small-scale operations to large integrated mining complexes. The joint venture model establishes a template for future international mining investments in Saudi Arabia, positioning the kingdom as a competitive destination in the global mining landscape.