Saudi Arabian Mining Co. (Maaden) said shareholders approved the election of the board of directors from among the nominated candidates for a new term starting on Oct. 25, 2026, and ending on Oct. 24, 2030.
The approval was granted during the company’s ordinary general meeting (OGM) held on Oct. 14, according to a Tadawul statement.
The company said the board members are Yasir AlRumayyan, Khalid Almodaifer, Ahmed Alhakbani, Richard O’Brien, Manar Almoneef, Sofia Bianchi, Ann-Christin Andersen, Mohammed AlQahtani, Abdallah Aldawsari, Robert Wilt, and Ahmad Alsaadi.
The company added that shareholders also approved the transactions and contracts entered into between Maaden Gold Base Metals Holding Co., a wholly owned subsidiary of Maaden, and Saudi Aramco Development Co., a wholly owned subsidiary of Saudi Arabian Oil Company (Aramco).
Board members Yasir AlRumayyan, in his capacity as Chairman of Aramco’s board of directors, and Mohammed AlQahtani, in his capacity as a senior executive at Aramco, have an indirect interest in the transactions.
These transactions involve a shareholders’ agreement to establish a joint venture to develop and exploit mineral resources in the Arabian Shield.
The new company will have initial paid-up capital of SAR 197.5 million, with no preferential terms.
According to data available with Argaam, Saudi Aramco and Maaden signed a shareholders’ agreement last August to establish a joint venture (JV) focused on mineral exploration and hard-rock mining in the Kingdom, particularly copper and other minerals.
Maaden was expected to hold a 51% stake in the JV, with Saudi Aramco owning the remaining 49%.
The venture was set to focus on exploring Zone 4, known as the Transition Zone, within the Arabian Platform.
The exploration area covers approximately 182,000 square kilometers, equivalent to around 10% of the Kingdom’s total area, extending along a 100-kilometer-wide zone parallel to the Arabian Shield.
Saudi Arabian Mining Co. (Maaden) said shareholders approved the election of the board of directors from among the nominated candidates for a new term starting on Oct. 25, 2026, and ending on Oct. 24, 2030.
The approval was granted during the company’s ordinary general meeting (OGM) held on Oct. 14, according to a Tadawul statement.
The company said the board members are Yasir AlRumayyan, Khalid Almodaifer, Ahmed Alhakbani, Richard O’Brien, Manar Almoneef, Sofia Bianchi, Ann-Christin Andersen, Mohammed AlQahtani, Abdallah Aldawsari, Robert Wilt, and Ahmad Alsaadi.
The company added that shareholders also approved the transactions and contracts entered into between Maaden Gold Base Metals Holding Co., a wholly owned subsidiary of Maaden, and Saudi Aramco Development Co., a wholly owned subsidiary of Saudi Arabian Oil Company (Aramco).
Board members Yasir AlRumayyan, in his capacity as Chairman of Aramco’s board of directors, and Mohammed AlQahtani, in his capacity as a senior executive at Aramco, have an indirect interest in the transactions.
These transactions involve a shareholders’ agreement to establish a joint venture to develop and exploit mineral resources in the Arabian Shield.
The new company will have initial paid-up capital of SAR 197.5 million, with no preferential terms.
According to data available with Argaam, Saudi Aramco and Maaden signed a shareholders’ agreement last August to establish a joint venture (JV) focused on mineral exploration and hard-rock mining in the Kingdom, particularly copper and other minerals.
Maaden was expected to hold a 51% stake in the JV, with Saudi Aramco owning the remaining 49%.
The venture was set to focus on exploring Zone 4, known as the Transition Zone, within the Arabian Platform.
The exploration area covers approximately 182,000 square kilometers, equivalent to around 10% of the Kingdom’s total area, extending along a 100-kilometer-wide zone parallel to the Arabian Shield.
