Maaden Forms Mining Exploration Joint Venture With Hancock

Dubai (PlantAndEquipment.com) - Saudi Arabian Mining Company (Maaden) has signed a shareholders agreement with Australia's Midana Exploration Private Limited to form a joint venture focusing on mineral exploration and mining in Saudi Arabia.

The deal follows the partners' recent successful application for exploration licenses issued by the Saudi Ministry of Industry and Mineral Resources over three mineral belts in the Nabita-Ad Duwayhi gold belt, totaling over 24,000 square kilometers.

The deal states that Maaden will possess 50.1% of the joint venture, while Hancock will own the remaining 49.9%.

The joint venture will carry out exploration, development, mining, sales, and marketing operations within the permitted territories. The completion of the acquisition and the formation of the venture are still subject to regular regulatory, corporate, and antitrust clearance.