Saudi Arabian Mining Company (Ma’aden) is pursuing an ambitious growth strategy to unlock the kingdom’s underexplored mineral wealth, with plans to double gold production by 2030 and build a rare earths supply chain, the Financial Times reported.
Chief executive Bob Wilt described the Riyadh-listed miner’s “strategy refresh” as a programme that will “blow people’s hair back,” underscoring the scale and speed at which the company intends to expand. “Our story is organic growth,” Wilt said, adding: “We are making a tremendous effort that will really move the needle.”
The plans align with Crown Prince Mohammed bin Salman’s Vision 2030 initiative, which aims to diversify Saudi Arabia’s economy away from hydrocarbons by developing industries such as mining. Ma’aden, majority owned by the kingdom’s sovereign wealth fund, reported a 73% rise in first-half net profit to SR3.47 billion ($920 million), driven largely by phosphate mining.
As part of its growth programme, Ma’aden intends to spend around $2.5 billion annually over the next five years to expand its domestic portfolio, including copper, gold, and rare earths — minerals crucial to supply chains for electric vehicles, renewable energy, and defense industries.
Saudi Arabia’s geology is world-renowned for oil and gas, but mineral exploration has lagged behind. Ma’aden is now leveraging Saudi Aramco’s geologic data to identify promising exploration targets, particularly for copper. It has also forged partnerships with Barrick Gold and Ivanhoe Electric, while its international arm, Manara, is tasked with pursuing overseas investments.
So far, progress on global deals has been mixed. Since its 2023 founding, Manara’s only transaction has been a 10% stake in Vale Base Metals. It passed on opportunities to invest in Ivanhoe Mines’ flagship Kamoa-Kakula copper project in the Democratic Republic of Congo — later taken up by the Qatar Investment Authority — and in Pakistan’s Reko Diq mine, which is set to become one of the world’s largest copper projects.
Wilt emphasized discipline in Ma’aden’s investment strategy, contrasting it with sovereign wealth funds that he said “throw cash around” to address political concerns over critical minerals. Still, industry executives told the Financial Times that both Ma’aden and Manara have faced setbacks, including the cancellation of a planned joint venture with Bahrain’s Alba earlier this year.
Despite the challenges, Wilt insists Ma’aden’s expansion plans remain on track. “We will blow people’s hair back with the scale of the reserve, and how quickly we are going to get there in terms of production,” he said.
