Australian billionaire Gina Rinehart has secured five exploration licences to search for gold in Saudi Arabia, marking a significant expansion of her mining operations. This development, announced last week, comes as a result of a joint venture between Rinehart’s subsidiary, Midana Exploration, and Saudi Arabia’s state-owned mining company, Maaden.
The partnership highlights Saudi Arabia’s commitment to diversifying its economy beyond oil. Rinehart expressed her enthusiasm for the Kingdom’s “pro-mining policies,” which she believes will pave the way for a robust mining industry as outlined in its ambitious Vision 2030 initiative. In her statement, she remarked, “We are excited by the Kingdom’s ambition to build a world leading mining industry.”
As part of the joint venture, Hancock and Maaden will focus their efforts on the Nabita Ad-Duwayhi Gold-Belt, an area adjacent to one of Maaden’s existing gold mines. This collaboration is notable as it appears to be the first partnership between an Australian business and Maaden, which has been actively increasing its exploration efforts across the Kingdom.
Saudi Arabia has long relied on its oil wealth, but the government aims to transform mining into a vital sector of its economy. The mining industry is projected to become a “key pillar” of national growth under the Vision 2030 framework. Rinehart’s operations signal a strategic shift towards capitalizing on opportunities in the gold market, especially given the record gold prices observed over the past year.
Hancock Prospecting has also been diversifying its portfolio, investing significantly in various sectors beyond its core iron ore business. These investments include stakes in MP Materials and Lynas Rare Earths for rare earths, as well as Liontown Resources and Vulcan Energy Resources for lithium.
Rinehart highlighted her company’s extensive experience in exploration and project development, citing the successful completion of the US$10 billion Roy Hill project. “Our company brings substantial experience across exploration, project development and operations, including the rare distinction of building the Roy Hill project both on time and on budget,” she stated.
Maaden’s Chief Executive Officer, Bob Wilt, emphasized the importance of the partnership, stating, “Working in partnership with Hancock, this program will speed up discovery. It also ensures we can build, develop and operate at pace and scale, all while developing a talent pipeline and a global mineral hub.”
Rinehart’s latest venture in Saudi Arabia not only reflects her ambition to expand her mining empire but also aligns with the Kingdom’s goals to foster a world-class mining industry. As the global demand for gold and other minerals continues to grow, this collaboration could pave the way for significant developments in the region’s mining landscape.
